The Thursday turned out to be bloodshed for Bitcoin and Ethereum prices since they slashed as much as 25%.
The tragedy hit harder when Coinbase, leading cryptocurrency exchange went completely offline by 9:35 a.m., which made it impossible for investors to trade for much of the selloff.
As per the reports, the problem started much earlier, with investors reporting the issues on Twitter throughout the night. According to Coinbase the sustained heavy traffic which was caused due to the Intense Bitcoin and Ethereum trading, crashing the website and mobile app and putting it down for several hours.
It was the worst time for Coinbase to go offline as at 10 a.m. the Bitcoin came crashing to as low as $2079, a sharp 30% drop ever since hitting a $3000 mark last weekend. A 19% drop was seen from its previous 24 hours price.
The same time saw a steep fall in the price of Ethereum by plunging as much as 25% from its price a day earlier dropping below $274 from its record high of three days back, at $400.
The cryptocurrencies’ prices bounced back later in the day. As of 6 p.m. Thursday, Bitcoin was down less than 3% and Ethereum was down just under 8% over a 24-hour period