- Coinbase has refuted social media rumors of a $5,000 weekly Bitcoin withdrawal limit.
- The rumors spread close to a short-lived technical glitch that affected Coinbase's trade processing.
- Coinbase spokesperson urges users to check its official guidelines for reliable information.
An October 24th post on social media platform X set off alarms by alleging that Coinbase had imposed a $5,000 per week withdrawal limit on Bitcoin. The post rapidly gained traction, accumulating hundreds of thousands of views, many retweets, and likes. It even sparked interest among crypto researchers who sought verification of the information.
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Contradicting the claims, a spokesperson from Coinbase revealed that no such withdrawal limit policy exists for Bitcoin transactions. On top of that, a Coinbase spokesperson added:
Withdrawing from Coinbase will be dependent on the payment method you are using to withdraw.
Coinbase further urged users to check its official guidelines for reliable information on withdrawal and account limits.
This misinformation episode overlaps interestingly with a minor service disruption Coinbase faced. The company's status page reported issues in processing trades from 6 PM UTC on October 23rd.
Fortunately, the glitch was fixed in less than an hour, and trading resumed as usual, with Coinbase monitoring the situation for any further irregularities.
All of this unfolded as Bitcoin's price made a notable leap to $35,000, a high it hadn't reached since May 2022, sparking intense market activity.
Coinbase has successfully dispelled rumors claiming the existence of a weekly Bitcoin withdrawal limit, affirming that no such policy is in place. This sets the record straight during a period of both operational hiccups for the crypto exchange and high volatility in the Bitcoin market.