Bitcoin suddenly plummets by $1,350

After a steady climb towards $14,000, BTC drops to $12,450 and causes shockwaves throughout the crypto world as Coinbase goes down

Bitcoin took a massive tumble tonight as the celebrated high of $13,880 and a remarkable push towards $14k collapsed in a heap at $12,400.

The sudden dump coincided with Coinbase going down following rumours that a $100m transaction into the San Francisco-based exchange was taking place.

After starting the week with impressive momentum following Sunday’s successful punch through $10,000, BTC had been attracting a lot of attention as it began a strong ascent.

Reaching out to the underside of $14,000, it had analysts across the globe tipping the original cryptocurrency to quickly lurch for almost unimaginable figures like $20k over the next few days.

However, unconfirmed news that 8,884 Bitcoins were on the move to Coinbase coincided with what became one of the sharpest drops in the crypto’s ten-year history.

Social media platforms like Twitter and Reddit were awash with all manner of unfounded rumours and conspiracy theories about Coinbase and its connection to BTC’s price.

Earlier today, though, Coinbase did notify users via Twitter that some important scheduled maintenance work to its website would be taking place, backing up the suggestion that its going offline was purely coincidental at the time of Bitcoin’s dramatic plunge.

At the time of going to press, BTC had arrested its freefall somewhat at around $12,500.

Did deVere Group’s Nigel Green predict the recent BTC rise? Looks that way here…

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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