The price of Bitcoin plunged Thursday after major cryptocurrency exchange Coinbase suffered an outage. It comes after Bitcoin and related digital currencies and stocks staged a powerful prolonged rally after last week’s Facebook (FB) announcement that it is entering the crypto space.
Bitcoin prices soared as high as $13,844.77 on Wednesday but plunged as low as $10,373 on Thursday.
At the latest posting time, prices were down 22% to $10,792.44, according to CoinDesk.
The last time the Bitcoin price topped $13,000 was in December 2017, the same month it reached its all-time high of $19,511 before a spectacular collapse in value.
The fall in Bitcoin price could partly be attributed to an outage on popular cryptocurrency trading platform Coinbase. A Coinbase spokesperson told CNBC the site was down “for a short period of time due to high volume.” However this may merely be a symptom of extreme downward pressure brought on by users trying to cash out of Bitcoin when the price is highest.
On Wednesday, after Bitcoin rallied roughly 40% since Friday, IBD warned the digital currency was flashing signs of a possible climax run.
Other digital currencies also fell sharply Thursday. Ethereum, Bitcoin Cash and Ripple (also known as XRP) all suffered double-digit losses after strong gains Wednesday.
Among Bitcoin- and blockchain-related stocks, Riot Blockchain (RIOT) tumbled 19% on the stock market today, after spiking 15% Wednesday. Overstock.com (OSTK) fell 3.6% after Wednesday’s 25% moonshot. Grayscale Bitcoin Trust (GBTC) was down 21% after popping 14%.
Facebook stock rose 1%…
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