The Bitcoin markets continued their rally on Wednesday, as trading sent the price of the world’s most well-known cryptocurrency past the $12,000 mark. During intraday trading, the price went even higher, passing the $13,000 milestone before plunging back below $12,000. At press time, Bitcoin’s price had recovered to $12,620.
According to CNBC, the sudden price drop occurred in the same time frame as a reported service outage on major cryptocurrency exchange Coinbase. The company reportedly blamed the outage on “high volume” – a problem that plagued Coinbase throughout much of the 2017 Bitcoin bull run that saw prices rise to nearly $20,000 by year’s end.
Meanwhile, analysts credited a variety of factors for Bitcoin’s recent positive price movement:
While bitcoin’s price moves can be opaque, analysts largely attributed the bounce back from 2018 lows to more interest in the space following Facebook’s announcement of a cryptocurrency project, key technical levels being broken, and safe haven buying amidst increasing global tensions and trade wars.