Bitcoin (BTC) broke through $111,000 in the early Asian session on Thursday. However, investors might have anticipated this with a familiar reversal as Coinbase went down.
As major US exchanges experienced temporary connection issues, the cryptocurrency Twitter became lively with real-time predictions of a massive rally.
Coinbase Downtime... Bullish Momentum
According to X (Twitter) reports, the Coinbase exchange experienced downtime early Thursday. However, unlike typical investor reactions, cryptocurrency market participants were optimistic each time such an event occurred.
"Coinbase is down. OGs know what this means. Pull... transfer is loading," wrote X's popular user CryptoCurb.
This user joined a long list of community members who captured the meme-like energy, which quickly spread through cryptocurrency circles.
As Bitcoin's price recovered the psychological level of $111,000 within a few hours, the sentiment was excitement, not fear.
At the time of writing, Bitcoin's price is trading at $111,172, rising nearly 2.5% in the past 24 hours. It reached a new all-time high (ATH) at $111,999 on the Binance exchange.
Meanwhile, Coinbase employees also joined the excitement. The company's protocol expert, Viktor Bunin, responded with a joking optimism.
Fyi this tweet got shared in like 10 slack channels immediately as we had a collective "not again!", but thankfully this time I'm pretty sure we're only going down at $200k, not this measly pit stop.
— Viktor Bunin 🛡️🇺🇸 (@ViktorBunin) July 10, 2025
The market background supported the enthusiasm, with the surge occurring just hours after the FOMC meeting minutes on Wednesday suggested the possibility of a rate cut at the July 30 meeting.
Similarly, the Bitcoin spot ETF recorded net inflows of $218 million in a single day on July 9, with institutional accumulation continuing for five consecutive days. Ethereum was not left behind, receiving net inflows of $211 million and increasing interest from US asset managers.
"Coinbase is down, and today BTC recorded $4 billion in ETF volume. Completely crazy! Looks like a big transfer is coming! Get ready," another user added.
Adding to the intrigue, Coinbase posted a cryptic tweet during the downtime, displaying only the Bitcoin symbol without explanation or caption. For seasoned traders, the signal was clear.
₿
— Coinbase 🛡️ (@coinbase) July 9, 2025
However, skeptics doubted the timing, speculating that Coinbase often makes calculated moves when activity surges.
"Coinbase is always 'down' whenever there's a bit of activity. You have to think they do it intentionally... Considering all this time and the resources they have, I can't say they don't have an IT team that can maintain this," a user challenged.
Still, repeated downtime has become part of Coinbase's bullish market legend, coinciding with activity surges. For many traders, Coinbase's glitches are now considered a bullish sign rather than infrastructure failure.
Sentiment towards Bitcoin is more reflexive than ever. Whether by chance or not, the response to the exchange's recent mishaps reflects a market yearning for further increases.
