Morning Minute | Down Goes Coinbase

Morning Minute | Down Goes Coinbase

TylerD's Market Summary

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πŸ“ˆπŸ“‰ Coinbase System Fails Under 10x Stress Load

If you logged into Coinbase yesterday to see your balance at 0, you weren't alone.

But don't worry, it's ok.

This is what those in the business call a "bullish system crash."

Or something like that.

What Happened?

Yesterday Coinbase experienced a system issue for a few hours mid-afternoon while crypto prices were spiking, where users were seeing 0 balances instead of true balances.

It caused some brief panic in users, and prices.

Bitcoin had reached $64,000 and immediately dipped to $58,000 on the outage, wiping out $1B+ in leverage.

Coinbase was able to get their systems up and running again within a few hours, which led to a rebound in prices (more on that below).

Brian Armstrong commented on the situation saying:

"We had modeled a ~10x surge in traffic and load tested it. This exceeded that number."

Why It Matters

Think about Brian's comment for a second.

A 10x surge in users hit Coinbase yesterday, with Bitcoin coming within 10% of it ATH.

Retail may actually be coming, finally. 

Coinbase's load management capabilities aside - that's bullish.

Prices rebounded within hours reflecting that sentiment, with the 10% dip erased and coins printing new local highs this morning.

And today is shaping up to be even bigger.

πŸš€ Super Thursday Is Finally Here

It's Leap Day.

Feb 29.

A once-in-4-years event.

Today for the crypto and NFT space might be a once-in-4-years event as well.

It's that big.

What's Happening?

Lined up for today:

  • $PORTAL claims went live at 4:30 a.m. ET
  • Blast mainnet launches at 4:00 p.m. (and unlock)
  • Apes Come Home event (already open)
  • Parallel launches its Open Beta

And the aftershocks of yesterday's BTC ETF record-shattering $7.5B in volume (and $680M in net inflows).

A bit more on each one.

PORTAL Opens and Does Not Disappoint

The $PORTAL airdrop today is not letting down.

The token has opened at $2.60 in early trading, indicating a $440M market cap and $2.6B FDV.

Even better news?

It looks like 50% or more of the tokens are claimable, at least for the farmers.

Many has speculated on what that % unlock would look like, and early indicators are looking very positive.

This is a massive influx of liquidity into the ecosystem today.

And it couldn't have come at a better time.

BLAST Goes Live This Afternoon

Blast opens at 4 pm ET and prepare for all hell to break loose.

Memecoins will launch. NFTs will launch.

Protocols will rapid fire announcements.

And $2B worth of ETH will unlock for potential usage.

Many have called for a net outflow from Blast with this unlock, but given the opportunity at hand (and pending more Points announcements from Blast), I'd be on net inflows to Blast today (TVL goes higher).

It's going to be fun to watch. Get some rest ahead of this afternoon, it could be a long night.

Apes Come Home and PRIME Beta

The last 2 events impact more local groups of users, so will keep it brief.

The Otherside is hosting its latest system test where ape holders can actually use their Avatars in navigating the Otherside metaverse.

There are 3 1-hour events today accommodating various time zones:

  • 6 am - 7 am ET 
  • 2 pm - 3 pm ET
  • 8 pm - 9 pm ET

No spatial audio this time, but BAYC Island will be on display.

As for Parallel, I'll let the hardcore gamers read more about it here.

The $PRIME token is up 13% to $14.24 in preparation of the launch (+95% on the month), and is still widely seen as a "web3 gaming index."

The success of this beta may very well be the next catalyst to move this ecosystem forward.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

πŸ’° Token, Airdrop & Points Tracker

Catch up on major token and airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

πŸš€ NFT Total Volume (ETH)

  • BAYC (792 ETH, 22.43 ETH Floor)
  • Milady (778 ETH, 3.64 ETH)
  • Creepz (516 ETH, 4.93 ETH)
  • DeGods (421 ETH, 2.72 ETH)
  • MAYC (346 ETH, 3.95 ETH)

πŸ“ˆ NFT Floor Price Increase (ETH)

  • aligntDRAW (39%, 0.89 ETH Floor)
  • vVv Seaon 1 (27%, 0.61 ETH)
  • Ago of Dino - Dinosty (22%, 0.69 ETH)
  • Remilio (19%, 1.06 ETH)
  • Anata (18%, 1.24 ETH)

πŸ—“ Upcoming NFT Mints and Reveals

Today is going to be a hard day to keep up with and likely many moving parts and moving times.

Look for project X pages for the latest details, especially anything expect to launch on Blast.

The Blast mainnet opening and its projects launching is clearly the highlight, so expect most attention and demand focused there.

See the full list and dive in for more details with Swizzy's daily mint monitor

  • Puppet Maxi Biz (8:00 a.m. ET)
  • Floor Icons Season 2 Drop 4 (12:00 p.m. ET)
  • Blast Runners (5:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.