Bitcoin back to normal after selloff and services outage

Some part of the cryptocurrency trading community might have thought that $10,000 per coin is the absolute maximum Bitcoin can ever reach, and thus sold their Bitcoins lately, leading to a massive drop of the cryptocurrency price. Digital exchanges and services were not ready for such changes, and this is why the biggest and quite respected sites — Coinbase, Gemini, Bitstamp and others — stopped their work somewhere around 21:40 UTC.

In the case with Coinbase, for example, people could not enter their accounts, but the site itself worked and the team posted a link on a log that was often updated with assurances that the problem is going to be fixed soon. And in line with the team’s commitments, in the morning of the following day, users already could enter their accounts, but without buys and sells which will return later.

As Bloomberg reports, the volatility of Bitcoin is nothing new, but, according to the exchanges representatives they managed to contact, the amount of traffic was the main reason of the outage.

John Spallanzani, a strategist in the securities firm in America, told the aforementioned media that Bitcoin trading is actually not for amateurs, with big corrections like the one we just witnessed. However, Bitcoin returned to 10,000 after dropping below this value. Nobody knows what happens next.