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

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.

Fawad Chaudhry announces program for animation, video games enthusiasts

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.

Elon Musk surpasses Bill Gates to become world’s second richest person

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.