The Bitcoin price is trying to recover after a wild morning that ended with the crash of Coinbase, a digital asset broker that allows customers to buy Bitcoin, Litecoin, and Ethereum.
The price of Bitcoin hit an all-time high of $19,340.00 on the GDAX exchange just before 11:30 a.m. EST. Less than 30 minutes later, the price collapsed to $15,198.63.
That's why crypto investors are asking, "What is happening with Coinbase today?"
The image above offers a visual of how quickly and sharply the decline happened.
The downturn led to a 25-minute shutdown on Coinbase, which released a series of tweets that said it was experiencing "record high traffic."
As a result, many customers reported slow performance and the inability to buy or sell Bitcoin.
This is the second major outage for Coinbase in a week. Last week, Coinbase went offline and delayed trading for Bitcoin, Litecoin, and Ethereum. The company took hours to conduct maintenance, but not before Bitcoin prices fell by more than $2,000 per coin.
Naturally, users have been very angry about the outages and the fact that some have missed huge profit opportunities.
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Since January, the number of users on Coinbase's platform has more than doubled. To start the year, Coinbase had 5.5 million users, a number that swelled to 13.3 million by Nov. 30.
The company now has more active accounts than interactive brokerage Charles Schwab.
Coinbase is still one of the easiest platforms for new crypto investors to buy and sell Bitcoin, Ethereum, and Litecoin, but these crashes show the site still is far from perfect.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.