BTC Plunges 7% from $64,000 to $59,400 in a Matter of Hours but Recovers Slightly Above $61,000
The Bitcoin rally took an unexpected turn this afternoon, with a 7% drop from a peak of $64,000, resulting in a bloodbath for traders taking too much risk. After surpassing the $60,000 threshold for the first time since November 2021 and reaching a high of $64,037, the BTC abruptly fell to $59,400. Currently, the price has slightly rebounded above $61,000, up 7.5% over the last 24 hours.
This sudden price drop caused over $600 million in liquidations across crypto assets, wiping out leveraged trading positions, according to CoinGlass data.
Technical Issues at Coinbase
Meanwhile, amidst the crypto market roller coaster, some Coinbase users were surprised to see their accounts displaying a zero balance. The company confirmed the incident and is investigating. A surge followed by a sudden drop in Bitcoin’s price may have disrupted Coinbase’s services, with numerous reports on social media indicating that accounts suddenly showed a balance of zero.
Coinbase’s Response to the Incident
The exact cause of the problem is yet to be determined, but as some users pointed out, Coinbase has encountered similar technical issues in the past. A message stated that customer support channels such as phone and virtual assistant were currently unavailable.
Around 30 minutes after acknowledging the incident on social media, Coinbase updated its web user interface to display a banner stating that the issue was under investigation.
