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Why Did Bitcoin’s Price Unexpectedly Jump to $15,000 BTC/USD on Halloween?

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Bitcoin’s price unexpectedly jumped to $15,000 on Halloween, which was believed to be caused by Coinbase temporarily going offline.

When Coinbase went offline, the index of bitcoin derivatives were put out of balance with the actual price. With the price out of alignment, the prices skyrocketed due to the price derivative not corresponding to the underlying value of bitcoin.

The exchange that was impacted the most from the error was Deribit, which caused its perpetual swap contract to drop by $2000 down to $7750. Remarking on the error, Deribit stated that its prices were put back into alignment of $9160, but existing trades would not be rolled back to their original values.

Another exchange was also impacted by the price jump. The BTSE exchange’s price for bitcoin increased to $15,000, before coming back down to $6,500.

As of now, the prices on Deribit as well as BTSE appear to have stabilized and markets are still open for trading bitcoin.

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