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Coinbase Breakdown. BTC Price Below 12k

3 min reading

In the afternoon of the 26th of June, the Coinbase exchange broke down, both on the website and in the API. At that time, the price of Bitcoin dropped by over 1700 USD.

Short-term breakdown, but significant

According to the announcement on the Coinbase website, the crypto exchange recorded quite a major breakdown in all its products. The breakdown happened, regardless of the fact that the servers seemed to function flawlessly. Just before midnight, the spokesperson of the exchange contacted the media and reported that there are no breakdowns anymore. The stoppage of the Coinbase exchange lasted barely half an hour, but its effects were extremely significant. On Wednesday, June 26, at the high point, Bitcoin's price amounted to $13,900. At the exact moment of the breakdown the price was at the level of 13,600 dollars, and within a dozen or so minutes it was able to fall below 12,000. Despite the end of the stoppage of the exchange and despite of the fact, that BTC regained its strong position for a short time, it may take some time before the price will stabilize on the level it used to be before. As of today (June 27, midnight) it did not return to the level of 13,000.

Bitcoin breaks more barriers

Nevertheless, Bitcoin is experiencing a kind of a renaissance, because for the first time since January 2018, its price reached as much as $12,000 on June 26. On the same day it was able to break the $13,000 barrier. And all of that even despite of the fact, that just at the beginning of the 2019, it was still below 4,000. Experts compete in quotations about the level of BTC in the coming months and years. Ideas amount to 60,000, 100,000 dollars. There are also those who believe in millions of dollars.
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