It’s been a whirlwind of a day for Bitcoin. The price passed the monumental $10,000 mark earlier today for the first time, rising as high as $11,500!
Now the price has taken a plunge back below $10,000, with the current price sitting at $9,500 according to Coinmarketcap
That’s a 17% dip in price in just 6 hours from the all time high of $11,500
Coinbase (also owners of Gdax) took to Twitter earlier in the day:
“We are experiencing all time high traffic at the moment – 8x the peak we saw in June”
The servers have been running slowly all day. It seems since passing the $10,000 mark, many new investors may have become interested in Bitcoin as a store of value, leading to huge numbers of people flocking to buy.
Blockfolio is a popular app used for keeping track of cryptocurrency portfolios. Their servers have also been running slow today, often bringing up error messages for users and being unable to reload portfolios.
Despite the dip, this is of course good news for Bitcoin and cryptocurrency. It means many more people are becoming interested and investing.
Hopefully these exchanges and services can resolve the problems quickly and resume trading as soon as possible.