After a sudden drop in Bitcoin (BTC), Coinbase’s website and API were temporarily unavailable on Wednesday.
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:
Later, the status page of the exchange was noted at 5:17 ET
“We are back up. We have implemented a fix and are now monitoring the results.”
Trading app Robinhood, also reported a similar issue on its website. Robinhood’s desktop and mobile browsers became inaccessible at 20:45 UTC.
Bitcoin saw a bullish trend, reaching a peak of $13,900 on Wednesday. However, it quickly fell into a bearish move and dropped to $11,900. BTC was at $13,685 before the fall. It hit $11,908.11 on Wednesday, but it quickly fell back to $11,900. BTC was at approximately $11,920 as of press time
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’s last week was fiery. It touched an 18-month high of $13,000 on Wednesday morning, while it hovered around $9,000 a week ago.