[To the moon and back] Bitcoin Goes Under Php 500,000 Amids Report of Exchange Outages

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While we in the Philippines took some time to reflect during Thursday’s holiday, bitcoin went above $11,300. This is way above the previous all-time highs $9,000 and $10,000.

Bitcoin Taps Out

And now, it went back to $9,000-ish level and as of press time, the price of bitcoin to PHP sits at Php 498,000 (with room to go above the Php 500,000 mark if the dip will not continue).

bitcoin taps out

Bitcoin Exchange Outages

As bitcoin moved to new all-time highs, a number of cryptocurrency exchanges experienced outages. Among them are popular exchanges – Bitfinex, Bittrex, and even Coinbase. Bitcoin.com consolidated user reports of website outages:

According to multiple reports, exchanges such as Coinbase, GDAX, Gemini, Bitstamp, Kraken, Bitfinex, and others had issues with their websites during the day. Traders complained of downtime during the dip, margin trading liquidations, and flash crashes. For instance, the trading platform Gemini has a whole page report on multiple issues of ā€œdegraded performanceā€ during the day.

As more people get into bitcoin and to cryptocurrency as a whole, the exchanges should be able to handle the increased volume of users. What do you think?

What’s next for bitcoin?

Coindesk offers two scenarios. First is a drop to $9,202. The second is a consolidation above the $10,000 which, it said, will bring the odds in favor for bitcoin to have a brand new all-time high in the coming days.

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

Michael Mislos