Bitcoin Surges Past $11K Mark, Drops to Below $10K Hours After

With Bitcoin’s price hitting the $9,000 mark a few days earlier, the crypto-community was abuzz with excitement, hoping that the digital currency can reach the $10,000 mark before the year ends. And it sure did, but only for a short time.

In a recent turn of development, Bitcoin’s price set a new all-time high at over $11,000 and fell more than $1,000 in a span of 10 minutes just hours after.

The digital currency hit a low of about $9,290 at 19:30 UTC, just after it showed signs of finding stable footing at 18:30 UTC with a price of $10,545. Sell orders also began rushing in on exchanges at around 19:20 UTC, marking perhaps one of the market’s most striking sequence of red candles.

Not all can be said about the other exchanges, however.

This price drop occurred simultaneously with a service outage from Coinbase’s exchange offering GDAX, with social media indicating that the exchange hit a low of $8,593, and the outage was because of an “all-time-high-traffic.”

Reports from social media also indicate that both Gemini and Bitstamp also experienced outages today, in contrast with mainstream interest for cryptocurrency gaining more traction.

This 11 percent decline marked the lowest recorded observation since the 26th of November when Bitcoin’s price dropped to $8,757.

However, according to BitcoinWisdom, an exchange data service, buy orders are starting to appear again, and the price had rebounded to around $9,300.