Bitcoin Price Drives $1,500 Within an Hour as Coinbase Goes Down

The price of Bitcoin fell by more than $1,500 within approximately one and a half hours after a crash of Coinbase, based in United States crypto coin trading platform.

Coinbase first reported that it was investigating a case in which its website, API and mobile apps were not working appropriately at 8:47 PM UTC on its status site, though its internal systems seemed to be working during that period.

The price chart of BTC on Coinmarketcap shows that the bitcoin price and market cap began to plummet around just minutes before the first announcement of Coinbase. It reached $13,793 by 19:59 PM UTC and within more than one hour decreased in price to reach $12,273. At press time, the price of Bitcoin is $12,705.

Source: https://coinmarketcap.com

By 20:47 PM UTC Coinbase reported about identifying an issue and was working on fixing it. As reported later, by 21:12 PM UTC the issue was already solved.

This crash comes after a degraded performance report on June 25 and another crash incident on June 24. These both incidents were solved within an hour of reporting.