Bitcoin among other cryptocurrencies are currently the craze with risk-seeking investors. And over the past months, Bitcoin has been making these investors grin from one end of the ear, down to the other ear.
They were especially thrilled when it crossed the $10,000 mark just two days ago and then proved resilient enough to surge past $11,000. But then things started heading south!
According to CoinDesk Bitcoin Price Index (BPI), just a few hours after the cryptocurrency surged passed the $11,000 mark. Its value took a sharp nose-dive, sinking by more than $1,000 in only 10 minutes.
Yesterday (Nov. 29) at 18:30 UTC the price showed signs of stabilizing at $10,000. At 19:20 UTC, sell orders started streaming in, and by 19:30 UTC, the price took a nose dive to $9,290. It now emerges that some exchanges were severely affected than others.
As expected, the Bitcoin nose-dive sparked a lot of frenzy on social media. This incident coincided with reports that GDAX had been experiencing service outage. GDAX is the exchange offering of cryptocurrency startup Coinbase. Data by GDAX shows the Bitcoin exchange rate had dipped to as low as $8,593 before their service went entirely offline.
Some Bitcoin traders are suggesting that both Bitstamp and Gemini also suffered from outages and interruptions yesterday. No doubt, this news is badly-timed, given it is coming at a time when cryptocurrencies are getting a lot of attention from mainstream platforms.
Nonetheless, current data provided by GDAX, Bitstamp, TradeBlock, and Bitfinex are operating unreliably. The over 11% dip is the lowest price marked by BPI since Nov. 26 when the price hit a low of $8,757. However the price has since rebounded, and even buyers seem to be streaming in to buy when the price hit $9,300 again. At the time of writing this article, the price stood at $10,181.83.
This article was sourced CoinDesk, and as the T&C sections of their site states: “This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.”