Finance

Coinbase Down: As Bitcoin Price Falls, Exchange Temporarily Halts Buying, Selling

Coinbase Down: As Bitcoin Price Falls, Exchange Temporarily Halts Buying, Selling

Bitcoin Cash was created, via a hard fork, on August 1 when developers were concerned about the original Bitcoin's ability to scale effectively. For a while, diehard Bitcoin fans had the majority of the world fooled, as the virtual currency was showing no signs of slowing down, but all of that changed this week.

Bitcoin fell more than 10 percent on Wednesday to a one-week low of $15,800 at cryptocurrency exchange Bitstamp, losing nearly one-fifth of its value from a peak hit just three days ago. While it would be easy to infer that the price fluctuation of bitcoin is the reason for the trading stoppage on the popular digital currency exchange, but Coinbase said it has to do with "today's high traffic".

Bitcoin futures were also down on Friday. The stock closed 11.2% lower at $24.52 a share Friday.

To think investors weren't confused enough with the significant Bitcoin drop, Coinbase, a San Francisco-based digital currency exchange, announced Friday morning that had "temporarily" disabled all purchasing and selling.




The outage occurred while major cryptocurrencies were trading in the red. The Coinbase team is reportedly looking into the problem. According to a recent interview, Bitcoin.com co-founder and CTO Emil Oldenburg is said to have sold all of his Bitcoin and switched into Bitcoin Cash, saying that Bitcoin's current performance was unacceptable with slow confirmation times and high performance fees devaluing the token.

After hitting an all-time high of $20,000 just days ago, Bitcoin has now dropped with nearly one third of its value, now trading at around $13,000.

Considering we are approaching the new year, I'm sure those who have invested in Bitcoin did not want to have these sorts of worries going into 2018.

On Monday, Denmark's central bank governor called Bitcoin a "deadly" gamble and told investors not to "come and complain to us if it goes wrong".


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