Bitcoin price falls on Sunday, May 10, 2020, to the $8,100 zone. After embarking on a rally that saw it attempt to break the $10,000 mark.
Bitcoin drops in half an hour by 10 percent
Last week, the leading crypto embarked on a mini-rally as we approached the halving case of Bitcoin mining. Bitcoin price, which soared almost to the $10,000 mark, falls to Sunday’s $8,100 mark. Losing more than 10 percent of its value in less than 30 minutes.
Bitcoin price falls, and its subsequent impact on the general cryptocurrency market could link to a short span of Coinbase’s losing connection. Coinbase, one of the world’s largest and most commonly used exchanges for cryptocurrencies, announced partial outages of its website, mobile app, and API website. The outage began at 17:26 Pacific (00:26 UTC) time.
Ten minutes after the power outage, Coinbase told its users that they were still investigating the power outage’s trigger. Prominent Twitter accounts noticed Coinbase’s outage, which caused Bitcoin price to plummet within 30 minutes from $9,500 to $8,100.
By 18:14 on the West Coast, the San Francisco-based company notified its customers that both the retail and professional trading platforms had restored their services. However, a Coinbase spokesperson declined to comment beyond the details given on the status page. This suggested the company was looking into the outage situation.
While Coinbase was experiencing downtime, other leading US cryptocurrency exchanges were fully operational, such as Kraken. The outage should be a problem, as last week’s exchange encountered a similar situation after Bitcoin went up 15 percent to hit $8,900. At the moment, Coinbase’s trading volume isn’t as high as opposed to the peak volumes of the past two weeks.
According to Skew’s data, the daily trading volume on Coinbase was just over $100 million. This is below the average of $300 million records of the last two weeks. Leading cryptocurrency exchanges such as Coinbase are vulnerable to experiencing price volatility outages during that time.
Bitcoin Halving Event
The halving event of Bitcoin is expected to take place tomorrow, Tuesday, May 12. The event will see the reward for mining a block from its previous 12.5BTC dropping to 6.25BTC. This will be the third halving of the mining reward on the Bitcoin network. Fans of cryptocurrencies expect higher prices after the case.
Historically, after a halving case, Bitcoin still worked excellently. The last halving of the incentive in 2016 saw its price rally hit its all-time peak of $20,000 by the end of 2017. Currently, some market experts and cryptocurrency enthusiasts expect the next rally to surpass the $20,000 mark. Bitcoin is likely to see a new all-time high set in.
As crypto space continues to discuss Bitcoin’s price movement ahead of the halving case, events like the one that affected Coinbase today could hamper Bitcoin’s development as investors don’t like the sight of exchanges suffering outages.