Beginning about 19:20 UTC, sell orders began piling up on exchanges in what was perhaps one of the market’s most impressive successions of red candles in some time.
After showing signs of stability at roughly $10,545 at 18:30 UTC, the price hit a low of $9,290 at 19:30.
The price of bitcoin fell more than $1,000 in the span of about 10 minutes on the CoinDesk Bitcoin Price Index (BPI) today, just hours after the cryptocurrency set an all-time high above $11,000.
However, some exchanges were more affected than others.
According to social media, the price decline coincides with reports that GDAX, the exchange offering of VC-backed cryptocurrency startup Coinbase, had seen a service outage. Data from GDAX indicates the exchange hit a low of $8,593.
Social media reports also suggest that Bitstamp and Gemini have faced outages today, at a time that coincides with increasing mainstream interest in cryptocurrencies.
The more than 11 percent decline marked the lowest total observed on the BPI since Nov. 26 when the price of bitcoin hit a low of $8,757.
At press time, however, the price had rebounded, with buy orders beginning to appear again around $9,300, according to exchange data service BitcoinWisdom.