Cryptocurrency exchange, Coinbase reported a brief outage, when the price of bitcoin collapsed to $2000 in space of 15 minutes on Wednesday. News portal CCN reported that the cryptocurrency price had fallen to $11, 853 which propelled users to sell.
Sellers or people looking to buy at the dip, were left flustered and confused, when Coinbase announced that it was down. Peter McCormack, a vocal proponent of bitcoin said, “Coinbase is down. Bitcoin never goes down.”
Coinbase is down. Bitcoin never goes down. pic.twitter.com/ZnxHidOig3
— Peter McCormack (@PeterMcCormack) June 26, 2019
By around 5:17 PM EST, the exchange had said that it had implemented a fix for the outage and was monitoring the results.
Surprisingly, Coinbase wasn’t the only exchange to experience outage on Wednesday. Another exchange, Robinhood also reported issues with trading services, reported news portal, CoinDesk.
The article said that the platform was rendered inaccessible on mobile and desktop browsers around 20:45 UTC. Bitcoin’s price, which saw a high of nearly $13,900 on Wednesday, fell over the past hour, dropping as low as $11,900. BTC’s price was at about $13,685 just prior to the fall, hitting $11,908.11 before bouncing back upwards — a difference of roughly $1,785.
Recently, Coinbase touched a new high when Coinbase Custody Chief Executive Officer (CEO) Sam McIngvale and Coinbase Chief Information Security Officer (CISO) Philip Martin, visited the United Kingdom, to discuss “the institutional cryptoeconomy with a range of prospects and clients.”
The duo discussed the European institutional landscape, the path to crypto becoming a mature, investable asset class and some misconceptions that exist about cryptocurrency.
They were quoted as saying, “There’s a narrative out there that institutional-grade services don’t exist in crypto. This isn’t true. Coinbase Custody is a regulated, insured and secure custodian. We have $1.3bn Assets Under Custody (AUC) and expect to hit $2bn soon. We have no intention of stopping there.”
Discussing security, Martin said, “We really built our security by drawing on a range of different technologies and systems. We’re always adapting, that is what gives us this strong security foundation.”
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