Bitcoin took a massive tumble last night as the celebrated high of $13,880 and a remarkable push towards $14k collapsed in a heap at $10,346.
While the price briefly stabilized, it fell as far as $10,346, according to Coinbase data. As of press time, bitcoin’s price hovered around $11,464.95.
The word on the street is that Coinbase succumbing to technical difficulties led to a significant $1,400 drop in the price of Bitcoin across the entire global cryptocurrency market.
Unconfirmed news is that 8,884 Bitcoins were on the move to Coinbase coincided with what became one of the sharpest drops in the crypto’s ten-year history.
If this is remotely true, that would mean too much of the crypto market relies on a single outlet.
Earlier today, though, Coinbase did notify users via Twitter that some important scheduled maintenance work to its website would be taking place, backing up the suggestion that its going offline was purely coincidental at the time of Bitcoin’s dramatic plunge.
The overall crypto market shed some $80 billion over the past 24 hours.
This is the second day in a row that bitcoin’s price has slumped, after the frenzy which coincided yesterday with Coinbase’s brief outage. At the time, bitcoin’s price fell more than $1,700 in 15 minutes.