As most people will have noticed by now, the Bitcoin price is crashing slightly all of a sudden. It appears the Huobi exchange, where most of the trading volume is originating from, is dealing with an unexpected outage.
It is not the first time a Bitcoin exchange faces an outage when the Bitcoin price is going up or down, yet the Huobi outage has some people concerned. The last Bitcoin trade on this platform was executed over an hour ago, and a major selloff was happening right before the outage started becoming more apparent.
Although these volatile price swings are nothing new in the world of Bitcoin and cryptocurrency, a lot of people were selling BTC right before Huobi went down. In fact, one of the final orders to go through before things went dark saw 413.5 Bitcoin being sold at a price of 2944.7 CNY.
Whatever the reason may be for this sudden price drop, there is a good chance the Bitcoin price will recover in the coming hours and days. Checking charts for the current Bitcoin price could be an issue as well, though, as Bitcoinwisdom has some minor issues with their charts right now.
According to the current CryptoCompare info, the Bitcoin price is starting to recover in China, as LakeBTC, BTCC, and Yunbi are showing positive signs. However, it remains to be seen if exchanges can surpass the CNY 3,000 threshold once again, as that seems to be a critical point for Bitcoin trading right now.
Other currency trading parts have seen a temporary decline in Bitcoin price as well, which is only normal. The CNY market is leading the charge in Bitcoin, and other markets will follow their lead most of the time. The next few hours will be interesting to keep an eye on; that much is certain.
Source: Reddit
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