Feb 28, 2024: Coinbase Crash Plunges Bitcoin to $58,200, Wipes $100B in Market Cap

On February 28, 2024, the cryptocurrency market experienced a significant event as Coinbase, a leading digital currency exchange, encountered a crash that led to a temporary but dramatic dip in Bitcoin's value. Bitcoin's price fluctuated wildly, briefly touching $64,000 before plummeting to $59,000, then falling further to $58,200, and finally recovering to $61,000. This incident erased nearly $100 billion from Bitcoin's market capitalization within a 15-minute span. Reports indicated that during the crash, Coinbase users saw their account balances drop to $0, causing widespread concern. Coinbase is reportedly working on resolving the issue. The event has sparked discussions about the stability and reliability of cryptocurrency exchanges.