Crypto exchange Coinbase hit by connection, latency problems as bitcoin plummets

Cryptocurrency exchange Coinbase said its retail and professional-focused platforms were hit by tech problems


Reuters November 27, 2020
Bitcoin fever exposes crypto-market frailties. PHOTO: REUTERS

Cryptocurrency exchange Coinbase said on Thursday its retail and professional-focused platforms were hit by tech problems, with users reporting difficulty trading as bitcoin plunged towards its biggest one-day drop since September.

California-based Coinbase said on its website at 14:14 GMT it was investigating connectivity problems, adding at 14:42 GMT that it had identified the problem and implemented a solution.

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In a separate post at 15:21 GMT on its Coinbase Pro site, it said “increased latencies impacting order entry and settlement” for its Coinbase Pro service, adding it was investigating the problem.

A spokesman for Coinbase, one of the biggest cryptocurrency exchanges, declined to comment.

Coinbase users on Twitter reported problems trading.

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One Coinbase Pro user told Reuters by a message: “The outage prevented me from submitting a buy limit order which would’ve been executed as the limit price was met. At this time the order finally went through but I missed the price for now.”

Bitcoin, the world’s biggest cryptocurrency, slumped as much as 13% on Thursday to its lowest since November 16., slamming the brakes on its red-hot rally and sparking a sell-off of smaller coins.

It was last down 9% at $16,904 and on course for its biggest one-day drop since Sept 3. The move represents a sharp correction from the three-year high of its near-record $19,521 hit on Wednesday.

 


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