On Thursday this week, things went pretty messy in Crypto market as the prices of two crowned digital currencies, Bitcoin and Ethereum which were in the business headlines from past few weeks, now crashed and plunged as much as 25%. But investors panicked more when a leading cryptocurrency exchange ‘Coinbase’ also went down, blocking the chances of instant trade.
The value of Bitcoin and Ethereum both reached the highest of heights this month, grabbing the attention of investors from all around the world, creating a battle-of-currencies like environment in the crypto market, but as the prices went unexpectedly high, people knew it was likely to fall soon; although investors kept their plans for the ‘bad times’ but who knew that they would suffer finding a reliable platform to trade when they will need it the most.
That’s exactly what happened when the market of two top digital currencies crashed and investors rushed desperately to buy or sell their bitcoin or ethereum assets, only to be freaked out finding that the website as well as the app of Coinbase have also collided, going completely inoperative, disabling investors to do any kind of trading at the moment.
Coinbase confirmed that they went out of order around 9:35 AM and remained down for at least four hours due to the system malfunctioning caused by heavy traffic flooding into their portal when the prices of cryptocurrencies fluctuated.
The chaos started when the bitcoin price, trading on the value of $3000, suddenly fell as low as $2079 in a week. Simutaneously, another cryptocurrency Ethereum which also broke the records after trading above $400 for the first time, didn’t last long as it also crumbled to the price as low as $274, after enjoying just 3 days of fame.
People over twitter reacted to the sudden downfall of these top cryptocurrencies, while investors tweeted about dealing with the stress and tension caused by inactive Coinbase.
.@coinbase I enjoy paying your premium fees so your site can be down during the times that traders stand to make the most money. Great work!
— CoinSpeak (@coinspeak_io) June 12, 2017
— Eugene Engelen (@EugeneEngelen) June 12, 2017
This is not the first time when coinbase went down; last month when bitcoin trading was flying in the sky, Coinbase gave tough time to investors, now making them reconsider their choice of preferring these new digital exchange systems over traditional stock market exchange.
The value of Bitcoin and Ethereum both has now retrieved as later on the same day, their prices rebounded to some extent in the market, providing relief to the investors who suffered during the Coinbase inactivity.