January 23, 2018

Main » Coinbase trading is down after Bitcoin price plunges

Coinbase trading is down after Bitcoin price plunges

23 December 2017

One of the largest cryptocurrency exchanges, Coinbase, launched Bitcoin Cash on their platform, and just hours after the announcement, they halted the trading of the newly added product on their exchange. "All buys and sells have been temporarily disabled".

Bitcoin was down more than 20% on Coinbase's GDAX exchange at the time of writing. Bitcoin is the world's highest-valued currency, as one Bitcoin hit almost $20,000 this December.

With that being said, I'm sad to report that it's not just Bitcoin struggling on Friday.

Earlier this month, the cryptocurrency joined the financial world's mainstream when Chicago-based CME Group and the Chicago Board Options Exchange began trading bitcoin futures, contracts that allow people to buy and sell assets at a predetermined price at some point in the future. The CEO of the exchange, Brian Armstrong, claims that employees were "prohibited from trading in bitcoin cash for several weeks".

Coinbase is the leading US platform for buying and selling major digital currencies, and also operates an exchange for institutional investors called GDAX. And on Thursday, Bank of Japan governor Haruhiko Kuroda called bitcoin's price surge "abnormal", according to Bloomberg.

Coinbase has struggled to fully function under high-traffic and volatile moments in the crypto-market.

Ripple, or XRP, was the only major cryptocurrency trading higher on Friday.

Update 1:45 p.m.: Coinbase is back online and users can start buying and selling again, according to the site status page.

Stocks such as Riot Blockchain that have soared dramatically on speculation around their connection to bitcoin and its underlying blockchain technology also traded lower Friday morning by double-digits.

Coinbase trading is down after Bitcoin price plunges