Bitcoin took a reverse at nearly $2,000 in a matter of minutes in a sharp crash, a reminder of the cryptocurrency’s volatility even as it has soared this month to its highest level since last year’s boom-and-bust cycle.
BTC had been soaring at prices of over USD 13,800 on June 26 when an outage of Coinbase’s website and API appears to have occurred at about 8:45pm UTC. At the time, Coinbase’s website bore the message: “An error has occurred. We've been notified about the issue and are taking a look.” The message has since been removed.
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 $10,600.
Some attributed the slump to a brief shutdown of Coinbase, a San Francisco-based platform which is among the most popular of cryptocurrency exchanges. But Alistair Milne, chief investment officer of the Altana Digital Currency Fund, said that the rapid correction was “inevitable — you simply don’t go up this quickly and sustain it forever, followed by consolidation”.
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