Bitcoin Price Drops $1.8K in 15 Minutes as Coinbase Crashes

India Completes Draft Proposal for Bitcoin and Digital Currencies

Price of Bitcoin (BTC) fell by ~ $1,800 within 15 minutes after Coinbase, a US-based cryptocurrency trading platform, experienced a brief outage yesterday. Both = website and API of Coinbasebecame temporarily inaccessible, as the price of bitcoin dropped more than $1,700 in the span of 15 minutes.

On its status page, Coinbase first reported that it was investigating an issue in which its API and website were not functioning properly at 1:47 p.m. PDT, Wednesday or 2:17 am, Thursday Indian Standard Time (IST).

The cryptocurrency exchange reported major outages across its website, mobile apps and API, though its internal systems appeared to be functional during that period. When reached, a spokesperson told CoinDesk: “We’re back up.” At 5:17 ET, the exchange’s status page noted: “A fix has been implemented and we are monitoring the results.”

Notably, the all-of-a-sudden outage comes at time when just a couple of days back bitcoin surpassed both the $12,000 and $13,000 price marks in a matter of hours.

According to its website, trading app Robinhood also reported issues with its crypto trading service.

The platform was rendered inaccessible on mobile and desktop browsers around 20:45 UTC. Bitcoin’s price, which saw a high of nearly $13,900 on Wednesday, fell over the past hour, dropping as low as $11,900. BTC’s price was at about $13,685 just prior to the fall, hitting $11,908.11 before bouncing back upwards — a difference of roughly $1,785. Despite recovering back above $12,000, the price is currently hovering at roughly $11,920 as of the time of publication.

According to data BitMex, nearly $250 million in volume traded hands in a 5-minute period surrounding the initial price drop, with nearly $690 million in volume trading across 15 minutes after the drop began across its XBT/USD perpetual swap contract market.

Bitcoin’s price has been on a tear across the last week, coming close to 18-month highs above $13,000 earlier in the day. The price was hovering around $9,000 one week ago.

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Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

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