Coinbase is one of the leading currency exchanges headquartered in San Francisco, California is back in action after trading was disabled for more than two hours.
Coinbase stated on its website
Buys and sells have been re-enabled, we are monitoring for stability
Bitcoin Sets Record
Bitcoin has set a record of $19,800 on Sunday and was trading approximately $15,000 on Thursday. But after the massive selloff at the end of the day, Bitcoin plunged 30.2 percent Friday morning to a low of $10,400 on Coinbase. Further, it has recovered 27 percent from the all-time high i.e. above $14,600 by afternoon.
Till then there is no significant explanation for the selloff and extreme instability.
Hence, Coinbase exchange has disabled its trading for more than two hours amid. It has said, that the company consists of 13 million of registered users at the end of the November.
The company said the inconvenience was due to the high traffic. Therefore buying & selling was temporarily disabled.
According to the CryptoCompare
GDAX exchange operates under Coinbase for institutional investors observed about $1 billion in Bitcoin-USD trading volume for the last 1 day. The website revealed, only Bitfinex based in Hong Kong has better trading volume for the currency for nearly $2 billion.
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