After rallying during the week, bitcoin tumbled from $9,500 to $8,100 Saturday night. (Source: CoinDesk Bitcoin Price Index BPI)
Coinbase experienced a brief outage Saturday as the price of crashed 10% in 30 minutes.
According to Coinbase’s , the exchange’s website, mobile app, and API website experienced partial outages beginning at 17:26 Pacific time (00:26 UTC). Ten minutes later, the San Francisco-based company said it was still investigating. Prominent Twitter accounts also noted Coinbase’s outage as the price of Bitcoin tumbled from $9,500 to $8,100.
By 18:14 on the West Coast, service had been restored for the San Francisco-based company’s consumer and professional trading sites. Reached Saturday evening, a spokesperson for Coinbase declined to comment beyond what was on the status page, which said the exchange was monitoring the situation.
Other U.S. exchanges, including , reported all systems as operational during the weekend price crash.
Coinbase experienced a last week when bitcoin rallied 15% to $8,900. At the time of publishing, Coinbase’s volume was not excessively high relative to other peaks in trading volume during the past two weeks, according to data provider .
Cryptocurrency exchanges like Coinbase tend to suffer temporary outages during periods of acute price volatility.
The weekend sell-off comes just days before bitcoin’s next , a hotly anticipated once-in-four-years event whose implications for the cryptocurrency’s price are a subject of debate in crypto trading circles.