The price of bitcoin fell more than $1,000 in the span of about 10 minutes on the CoinDesk Bitcoin Price Index (BPI) today, just hours after the cryptocurrency set an all-time high above $11,000.
Beginning about 19:20 UTC, sell orders began piling up on exchanges in what was perhaps one of the market’s most impressive successions of red candles in some time. After showing signs of stability above $10,000 at 18:30 UTC, the price hit a low of $9,290 at 19:30.
However, data shows some exchanges were more affected than others.
According to social media, the price decline coincides with reports that GDAX, the exchange offering of cryptocurrency startup Coinbase, had seen a that is currently ongoing. Data from GDAX indicates the exchange hit a before going offline.
Social media reports also suggest that and have faced outages or interruptions today, at a time that coincides with increasing mainstream interest in cryptocurrencies. According to data provider TradeBlock, GDAX, Bitstamp and Bitfinex are all currently .
The more than 11 percent decline marked the lowest price observed on the BPI since Nov. 26 when bitcoin hit a low of $8,757.
However, the price soon rebounded, with buy orders beginning to appear again around $9,300, according to exchange data service BitcoinWisdom.
At press time, the price of bitcoin is $9,651.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.