Bitcoin Price Downslope $1,000 in Minutes to Drop Below $10k

The cost of bitcoin descent more than $1 ,000 in the span of about X transactions on the CoinDesk Bitcoin Price Index (Bpi ) today , just hours after the cryptocurrency bent an all-meter highschool above $11,000.

Beginning about nineteen :20 UTC, sell orders began piling up on exchanges in what was perhaps one of the market’s most impressive successiveness of Bolshevik standard candle in some time. After showing signs of stability above $10,000 at 1octet :XXX UTC, the price hit a low of $9,290 at 19 :30.

However, data shows some exchanges were more affected than others.

According to social media, the price declension coincides with reports that GDAX, the exchange offering of cryptocurrency startup Coinbase, had seen a service outage that is currently ongoing. Data from GDAX indicates the exchange hit a low of $8,593 before going offline.

Social media reports also suggest that Bitstamp and Gemini have faced outage or interruptions today, at a time that coincides with increasing mainstream interest in cryptocurrencies. According to data provider TradeBlock, GDAX, Bitstamp and Bitfinex are all currently operating unreliably.

The more than 11 percent decline marked the lowest price observed on the BPI since Nov. 26 when bitcoin hit a low of $8,757.

However, the price soon rebounded, with buy orders beginning to appear again around $9,300, according to exchange data service BitcoinWisdom.

At press time, the price of bitcoin is $9,651.

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