bitcoin price crash bubble
The bitcoin price crashed more than $2,000 on Wednesday, and frantic investors caused leading crypto exchange Coinbase to go offline. | Source: Shutterstock

The bitcoin price suffered a cataclysmic – and sudden – crash on Wednesday, and one of the world’s most prominent cryptocurrency exchanges failed to handle the load of users scrambling to salvage their portfolios.

Bitcoin Price Crashes More Than $2,000 on Bitstamp

bitcoin price crash
The bitcoin price crashed more than $2,000 on Bitstamp. | Source: TradingView

After ascending as high as $13,880 earlier today on Bitstamp, a parabolic bitcoin price endured a sudden sell-off. A wave of sell pressure rocked the market at approximately 4:30 pm ET, sending BTC careening downwards.

Within 15 minutes, the flagship cryptocurrency had crashed as low as $11,853, representing a 15% plunge from its intraday high.

Coinbase Suffers Dreaded Outage

Traders who rushed to Coinbase to attempt to salvage their profits – or buy the perceived dip – found themselves out of luck, as the premiere US cryptocurrency exchange suffered one of the dreaded outages that so frequently roiled traders during the 2017 bull run – and the early market 2018 collapse.

As of 5:17 pm ET, Coinbase reported that it had implemented a fix for the outage and continued to monitor the results.

The bitcoin price, meanwhile, last traded at $12,180.

Click here for a real-time bitcoin price chart.

You May Also Like

Analyst Explains Why Bitcoin Price Could Plummet to $2,020 in 2020

An analyst says bitcoin could crash to $2,000 to $3,000 range as…

VeChain (VET) Jumps a Whooping 26%, Thanks to an Iconic Retro Game Remake

Contrary to the rest of the crypto market VeChain (VET) is up 26% today and showing no signs of slowing down, but what’s driving the token?

Holders of Over 11 Million Bitcoin are Proving That Hodl Is Not Just a Meme

HODL is such a popular trading strategy in the crypto community that…

Bitcoin Price Suffered 31% November Slump But a Hostile China Boosts Outlook

Bitcoin price dropped by 31% since October. Yet, Spencer Bogart sees strengthening fundamentals pushing BTC up in the medium-term.

Limited Edition Bitcoin Watch Beckons Mt. Gox Remnants

A limited edition bitcoin watch with a widely known Mt. Gox wallet was spotted in Abu Dhabi. Is the royal family linked to the scandal?

Analyst Dispels the Myth: Bakkt Futures are Not Backed by Bitcoin

Bakkt’s arrival was supposed to be bullish for bitcoin. With growing volume, the demand has not translated into bitcoin prices. Here’s why.