The worlds biggest cryptocurrency, Bitcoin, plunged 18% against the U.S. dollar on June,26. The Bitcoin price crashed from $13,868 to $11,350 across significant crypto exchanges, including Coinbase.
The price of Bitcoin fell after the crash of United States based cryptocurrency trading platform. Coinbase first reported that it was investigating an issue in which its API and website were not functioning correctly at 1:47 p.m. The Prices began falling just moments before Coinbase made its first announcement regarding issues with its API and website. Coinbase identified the problem by 2:13 p.m and by 2:38 p.m it sent it for a solution. There was another crash on June 24 which was resolved within the hour of opening.
At press time, Bitcoin seems to be recovering slightly from the dip, up 0.71% in the past hour and still up 9.48% on the day, according to data from CoinMarketCap. The prices later bounced above $12000 and went on to touch $13000 mark.
There are mixed opinions on how long this Bitcoin surge will last, but many celebrate because all-time high figure continues to emerge. The prices of Bitcoin were very volatile if we consider the past 24 hours. The sudden plunge and surge in price within 24 hours raise a lot of questions about the stability of the biggest cryptocurrency in the world.
Also, it’s now harder to mine Bitcoin with its mining difficulty rising from 7.45 trillion to a new record high above 7.93 trillion. Bitcoin is probably designed to adjust its mining difficulty every 2,016 blocks (approximately 14 days). This surge in Bitcoin prices and harder to mine status does make it more valuable.