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

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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.

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.

One Coinbase Pro user told Reuters by 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 per cent on Thursday to its lowest since Nov 16., slamming the brakes on its red-hot rally and sparking a sell-off of smaller coins.

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

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