Coinbase Suspends Transactions After High Volume

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cryptocurrency trading

Coinbase is currently the most popular site for cryptocurrency related transactions in the U.S. The company proceeded to put a temporary suspension of all transactions on its network amidst a crazy day of volume and trading. All of this occurred after a large crash in the cryptocurrency market, which led to many of the top cryptocurrencies dropping by tens of percents in the course of only a day or so.


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The website for the company stated that “due to today’s high traffic, buys and sells may be temporarily offline. We’re working on restoring full availability as soon as possible.” A spokesperson for the company stated that there is currently no additional information to share about the situation. Cryptocurrency has been in quite a difficult situation over the course of the past few weeks. With many of the top cryptocurrencies reaching all time highs, they quickly were corrected and all managed to drop simultaneously, leading to essentially a crash in the market. This has increased the high amount of volatility in the space, and increasing unsettling feelings amidst those who invest.


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This suspension followed one of the largest drops in several months for the currency, where bitcoin managed to drop almost $4,000 in value in only one day. Since January, the currency has risen from under $1,000, to over $20,000 and now back to the current price. This represents a large jump in price that has led to warnings from various regulatory authorities. Bitcoin and the likes of the cryptocurrency world are something that are difficult to determine what to do given how new the industry is. The hopes are high that this new industry can begin to stabilize sometime in the future, leading to the full potential of the economic system shining through.

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