Coinbase, a popular cryptocurrency purchasing platform, took to Twitter to announce reports of erroneous transactions appearing on customers credit and debit cards. According to the company’s initial tweets about this matter, they believed these charges were due to the recent MCC code change by card networks resulting in additional fees.
1/ We’re investigating an issue where some customers recently were charged incorrectly for purchases of digital currency with credit and debit cards. This is related to the recent MCC code change by the card networks and card issuers charging additional fees.
— Coinbase (@coinbase) February 15, 2018
During the reports, Coinbase launched a joint investigation with card issuers, assuring their customers that full refunds should be automatically processed through their respective bank over the course of the week.
They went on to say that they “Identified” the solution and it has been resolved for all future transactions. Customers impacted should contact their financial institution to inquire about the charges and then contact Coinbase.
Through the joint investigation, Coinbase uncovered that:
1/ We have determined that the erroneous credit and debit charges are the result of Visa reversing and recharging transactions. This was not done by Coinbase. We are working with Visa to ensure all affected customers are reimbursed.
— Coinbase (@coinbase) February 16, 2018
The Company has since posted a public statement on their blog (as seen below).
— Coinbase (@coinbase) February 15, 2018
It seems Coinbase just can’t catch a break when it comes to card issuers. This news following our we report two days ago, that Coinbase has blocked all future credit cards for U.S. customers.
If you believe you have been impacted or have fees/charges that have not been returned please contact Coinbase at [email protected] as well as contacting your card issuer. As always we here at Cryptobase will keep you up to date as this story unfolds.
Bitcoin Pullback Wipes $200 Billion Off Cryptocurrency Market
Bitcoin, the largest cryptocurrency, fell over 12% from a day earlier to $32,576, according to Coin Metrics data. It earlier sank to an intraday low of $30,863. Ether, the second-largest cryptocurrency, was down 23% to $1,005. It briefly tumbled below $1,000, hitting an intraday low of $945.
The sell-off in cryptocurrencies comes after a huge rally and perhaps signals some profit-taking from investors. Bitcoin is still up over 300% in the last 12 months and last week hit an all-time high just below $42,000.
“The correction we saw was expected as we believe the BTC price surge recently from under $20,000 to $40,000 in the past four weeks will induce sell pressure,” said Simons Chen, executive director of investment and trading at cryptocurrency financial services firm Babel Finance.
The $40,000 mark could have been a trigger for profit-taking, Chen said.
Bitcoin’s resurgence has been attributed to a number of factors including more buying from large institutional investors.
But some bitcoin critics — such as David Rosenberg, economist and strategist at Rosenberg Research — have called bitcoin a bubble.
Long-term bullishness around bitcoin remains however.
Jehan Chu, founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital, said the pullback in bitcoin could be a buying opportunity for new investors.
“This short term correction is both natural and needed, and is a great entry point for long-term investors as we quickly reach $50k this quarter and $100k by year’s end,” Chu told CNBC.
Last week, Social Capital’s Chamath Palihapitiya said bitcoin could go above six digits.
“It’s probably going to $100,000, then $150,000, then $200,000,” Palihapitiya told CNBC’s “Halftime Report.” “In what period? I don’t know. [Maybe] five or 10 years, but it’s going there.”
BITCOIN PRICE SHOOTS TO $34,000!
Bitcoin’s price just shot to $34,000 despite plunging as low as $30,000 earlier today. The leading cryptocurrency trades for $33,950 as of this article’s writing and is up over 15% in the past 24 hours.
After peaking at $33,000 in the morning, BTC plunged from $33,000 to $30,000 in the span of two hours.
Altcoins are continuing to outperform BTC. Ethereum is up 8.5% in the past 24 hours while most other altcoins have gained only a handful of percent.
Bitcoin Price Rallies 13% to Break Through $11,000
Within the last hour Bitcoin (BTC) price pushed through the $11,000 level in a high volume surge which saw the price reach a new 2020 high at $11,394.
At the time of publishing the price has pulled back slightly to the $11,150 range but purchasing volume continues to rise on the 1-hour timeframe. This suggests that the top-ranked digital asset on CoinMarketCap may have another go at the daily high.
Crypto market weekly price chart. Source: Coin360
As reported earlier by Cointelegraph, on-chain activity registered a significant spike in exchange inflow as Bitcoin price rallied above $10,000 and Bloomberg analysts now estimate that Bitcoin price will rise above $12,000 this year.
Ether price (ETH) also surged above its previous high by rallying to $333.52 but at the time of writing the top altcoin has pulled back below $330.
Bitcoin daily price chart. Source: Coin360
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