News Bitcoin shows its volatility again, plunges $1,500 in less...

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.

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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