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Bitcoin shows its volatility again, plunges $1,500 in less than 24 hours after exchange outage

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In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is displayed on April 03, 2019 in Paris, France.

Chesnot | Getty Images

Bitcoin continues to crater after popular cryptocurrency trading platform Coinbase’s outage on Wednesday,

The cryptocurrency climbed to a high of $13,485.85 Wednesday afternoon, its highest price since January 2018, according to industry site CoinDesk, before starting to drop.

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The world’s first and largest cryptocurrency’s fall came at the same time as an outage on popular cryptocurrency trading platform Coinbase. A Coinbase spokesperson told CNBC that the site was down “for a short period of time due to high volume.”

The cryptocurrency is currently trading around $11,960 on Wednesday.

Bitcoin has rallied nearly 30% since Facebook unveiled its new Libra cryptocurrency project. Analysts attributed bitcoin’s price bump to more awareness of the digital asset class.

Bitcoin shows its volatility again, plunges $1,500 in less than 24 hours after exchange outage

Bitcoin is up more than 200% so far this year but prices are still well off of their all-time highs of $20,000 that was reached in December of 2017.

Source: CNBC

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