Bitcoin faced a significant setback last night, in just a few seconds it fell from $13,800, the highest values reached this year to $12000. The sudden fall in the price coincided with the crash of major cryptocurrency exchange Coinbase.
Although the week began with an impressive price for BTC, after the upsurge of price on Sunday, the market has attracted a lot of investors. Presently BTC is trading at $12,600. The drop is considered as the sharpest in the ten years history of cryptocurrencies. This once again proves the virtual currency market is tremendously volatile.
With the sudden plunge in the BTC market cap, other digital currencies have also faced the burnt. Their prices also suffered a sharp drop.
As soon as the exchange made its first announcement about the crash, the price of BTC began to plummet. At around 1.47 pm PDT the exchange reported that they are investigating into the matter, but within an hour they declared that the problem was identified and resolved.
The entire platform of Coinbase both on mobile phone and desktop stopped working during the crash. As per some users’, in other platforms, they have also faced some difficulties during the Coinbase crash. One investor has also reported that Binance platform also stopped working for a short period.
The entire social media got flooded with rumors of connection of Coinbase and price crash of BTC. However, Coinbase did not send any prior notification of about the maintenance of their platform to its user on tweeter or mail. The rumors that are making rounds about the backing up of the platform because of the plunge of BTC is purely coincidental.
The sudden price crash of BTC came just after it surpassed $12000 and $13000 mark within just an hour. However, BTC is showing a slight sign of recovery. Presently, it is up by 0.71% and is presently trading at $12,690.
In 2018 almost all the famous cryptocurrencies including Bitcoin, faced an 80% drop in terms of market cap. But the crypto enthusiasts are optimistic that their loved digital assets will be up and make their value double.