Coinbase this time might really be facing a major issue, not just a temporary glitch. It has been down for over 7 consecutive hours. The largest exchange in North America has gone completely offline. The market is starting to panic.

From 9:30 this morning to now 4:30 PM,
Coinbase has been experiencing continuous anomalies for over 7 hours. For a company: North America's largest cryptocurrency exchange, this is no longer an ordinary "small malfunction." Because Coinbase is not just a trading platform now. It is also: ETF custody, institutional gateway, a core channel for US compliance, with many funds, market makers, and institutional liquidity deeply tied to Coinbase. So once it experiences a prolonged outage, the market's biggest concern is not: "Can I log in?" but: "Will liquidity become an issue?" Especially now, when the market is already in a phase of: high leverage,
high volatility,
and dense long and short liquidity flows.
During such times, prolonged abnormality of an exchange can easily trigger: panic,
mistakes,
liquidation price gaps widening, and more sensitive is that Coinbase itself has recently been at the core of the US crypto system. ETF, regulation, stablecoins, institutional custody—
many things are linked to it.
So now the market will naturally start to think:
System pressure?
Traffic explosion?
Technical accident?
Or some other problem?
The truly critical point now is:
After recovery,
will the market experience:
a rebound in falling prices,
a liquidity vacuum,
or large-scale liquidations?
Because in crypto,
the most dangerous times are often not when prices plummet.
But when:
you suddenly find yourself unable to move.