On Sunday, May 10, at 00:15 UTC, the price of bitcoin lost 15% just within several minutes and fell from $9,567 down to $8,081.
At press time, the BTC price is at $8,549.
Chart of the USD/BTC trading pair from EXANTE
Ethereum also has lost 12% and is trading at $186.21.
As price of bitcoin sharply plunged, Coinbase experienced a brief outage of its services. According to the status page of Coinbase, the problems began on Saturday 9th May. The exchange wrote it was experiencing "connectivity issues."
The exchange declined to provide more information regarding the brief crash.
On May 10th, many clients of Coinbase reported on Twitter having trouble accessing their accounts. Later, the exchange issued official statement regarding the technical issue.
Wow. I’m breaking up with you. I’ll be back in the morning for my things. Don’t call me.— QuiQui Leroux (@LerouxQuiqui) May 10, 2020
This is not the first time, when Coinbase faces technical difficulties amid rapid bitcoin's price movement. During the price surge on April 29th, Coinbase also experienced connectivity issues.
iHodl earlier reported that Coinbase hired Brett Tejpaul, a former executive at Barclays, as Coinbase's new Head of Institutional Coverage.