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HomeNewsCoinbase Faces Outage As Bitcoin Price Drops $1.8K In 15 Minutes

Coinbase Faces Outage As Bitcoin Price Drops $1.8K In 15 Minutes

Crypto exchange Coinbase experienced a brief outage on Wednesday, wherein its website and its API was rendered temporarily inaccessible, following a massive price drop of Bitcoin (BTC) with more than $1,700 in the span of 15 minutes.

As per a Coinbase’s status page, the reports of the major outages is shared across its website, mobile apps, and API. Although the platforms internal system seems to be functional during that period, a spokesperson stated to CoinDesk: 

The exchange’s status page later noted at 5:17 ET:

 “We’re back up. A fix has been implemented and we are monitoring the results.”

Trading app Robinhood, also reported a similar issue on its website. Robinhood’s mobile and desktop browsers were rendered inaccessible around 20:45 UTC.

Bitcoin experienced a bullish trend and saw a high of nearly $13,900 on Wednesday, though it soon plunged into a bearish move going as low as $11,900. Prior to the fall, BTC was around $13,685, it hit $11,908.11 before bouncing back, roughly at a difference of $1,785. As of press time, BTC was roughly at $11,920.  

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

Bitcoin has had a fiery last week, earlier on Wednesday morning it touched  a18-month highs above with $13,000 and one week ago it was hovering around $9,000 


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