Coinbase goes down during Bitcoin sell-off

Fibo Quantum

San Francisco-based cryptocurrency exchange, Coinbase experience an outage on Wednesday afternoon when its website and API went down during the fifteen minutes when Bitcoin’s price dropped by more than $1,700.

As per Coinbase’s status page, the crypto exchange reported massive outages across its platform, mobile apps and API. Notably enough, however, the exchange reported that all internal systems were still functional during the outage.

At around 5:17 ET the exchange posted a note on the status page:

“A fix has been implemented and we are monitoring the results.”

Robinhood, another crypto trading service, reported similar issues on its website during this time.

The platform was rendered unusable on both desktop and mobile browsers around 20:45 UTC. Bitcoin (BTC) which saw its price almost surge to $13,900 yesterday, fell rapidly during this time. BTC dropped as low as $11,900 despite its price being around $13,685 just before to the plunge, hitting $11,908.11 before bouncing back — marking a difference of nearly $1,785.

Even though Bitcoin dropped below $12,000 last night, the price of BTC is currently sitting pretty and trading at $12,399.97 at the time of writing.

As per data from BitMex, almost $250 million in volume traded hands during five minutes, in light of the sudden drop, with as much as $690 million in volume trading during fifteen minutes after the price drop occurred across its XBT/USD perpetual swap contract market.

As reported, Bitcoin’s price has been on an impressive rally this past week, with the price coming close to 18-month highs above the $13,000 mark in a single day despite its price stagnating at $9,000 a mere week ago.