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Bitcoin/Euro Suffers Flash Crash on Coinbase
The tumble occurred shortly after bitcoin hit a record high of $69,325.
Updated Mar 8, 2024, 10:41 p.m. Published Mar 5, 2024, 6:32 p.m.
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- Bitcoin took 10 minutes to return to parity with euro trading pairs on other exchanges.
- Flash crashes are typically attributed to a lack of liquidity or a "fat finger" trade.
Bitcoin lost 23.7% of its value against the euro on Coinbase (COIN) Tuesday during the period of high volatility that followed the crypto's surging to a record U.S. dollar high of $69,325.
BTC momentarily plunged to €48,529 from €60,000 on Coinbase, while on Kraken, for instance, the price only went as low as €58,400. The reason for the flash crash remains unclear and it took 10 minutes for the price to rebound back to parity with other exchanges.
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Flash crashes can typically be attributed to a few scenarios, one of which is a lack of liquidity, i.e., the amount of market sell orders was too high for the amount of resting buy orders on the order book and the price thus needing to sink to the nearest point of adequate bids.
Another reason, as seen during a flash crash on Binance.US in 2021, is a bug or mistake made by a trader or algorithm, often called a "fat finger" trade.
The disparity between euro trading pairs occurred shortly after bitcoin surged to a new record high in U.S. dollar terms of $69,325 and within minutes reversed those gains, sliding to below $64,000 at one point.
Coinbase did not immediately respond to CoinDesk's request for comment.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Key bitcoin price levels to watch as downward pressure builds
As bitcoin remains in a downtrend, several technical and onchain levels stand out as critical areas of support.
What to know:
- The 100-week moving average at $87,145 remains the main line of defense.
- Below this, the cost basis of U.S. spot bitcoin ETF buyers at $84,099 has provided support during recent consolidation.
- A sustained break below $80,000 would likely open the door to a revisit of the April 2025 low near $76,000.
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