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Bitcoin Recovering After Coinbase Outage Sparks Sudden Drop

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Source: iStockPhotos/Mikhail Badaev

Bitcoin (BTC) is recovering following an outage that lasted just under an hour at exchange platform Coinbase that sent prices into a dramatic tailspin.

BTC had been soaring at prices of over USD 13,862 on Binance on June 26, but an outage of Coinbase’s website and API appears to have occurred at about 8:45pm GMT. The market appears to have panicked as a result, with prices dropping below the USD 12,000 mark. However, per Coinbase’s website, all issues have now been “resolved,” with “all systems operational” by 9:38pm GMT.

Traders appear to have been spooked by the sudden drop, with BitMEX figures indicating that some USD 250 million worth of BTC trades took place in just five minutes after the price drop.

At the time, Coinbase’s website bore the message: “An error has occurred. We’ve been notified about the issue and are taking a look.” The message has since been removed.

The exchange’s status log shows that the site has been experiencing difficulties in the past few days, claiming that a Cloudflare issue may have caused the site to go down on June 24 – with “downgraded performance” also blighting the network on June 25.

At the time of writing, Bitcoin is making a steady recovery, climbing to just under USD 13,000 on HitBTC – leading to a rise of almost 10% over the past 24 hours, per CoinMarketCap.

Despite recent falls in altcoin prices, it has been a mixed morning so far today for most non-BTC tokens in Asia, with Ethereum continuing to climb to prices of around USD 480, and EOS experiencing a fall of up to 6%.



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