It wasn't just Bitcoin that took a hit. Looks like things went way down around 6:30am PST across all the big coins.
Now if it weren't bad enough that there were huge problems when Coinbase rolled out the Bitcoin Cash trading the other day and had to suspend trading when the price skyrocketed out of the gate, but then the following day the price was extremely volatile in BCH with the other cryptos loosing as well but with lower losses and not much trade activity as it seemed to be all focused around the BCH market.
Again there was periodic suspended trading on Coinbase and GDAX as prices started to climb North of $4k, they then dropped significantly and never made it past the $3.5k mark the rest of the day. Then this morning I wake up to see the market gutted. So apparently it's OK to suspend trading if the price climbs to far to fast but to hell with it if it drops like a rock in a matter of minutes.
It's stuff like this that takes away confidence in the market and the ability to buy or sell when one needs to in order to make a profit. Let me tell you, when you buy at the mid price of an upward swing and the trading platform might just go offline before you can sell and the price drops out or the price drops out but starts to rebound only to have trading halted before it can get back to the price you bought at, then people are going to start pulling out of the Crypto market all together as they loose confidence in the platforms they are trading on.
Just my two cents is all.