Coinbase hit by connection, latency problems as bitcoin plummets

Coinbase cryptocurrency exchange application seen on iPhone screen.

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Coinbase, a cryptocurrency exchange, said Thursday that its technology is hitting its retail and professional platforms, with consumers reporting a trading difficulty as bitcoin plummets towards its biggest one-day collapse since September.

Coinbase from California said on its website at 14:14 GMT (9:14 am ET) that it was investigating connectivity problems, adding at 14:42 GMT (9:42 am ET) that it had identified the problem and had implement a solution.

In a separate post at 15:21 GMT (10:21 am ET) on his Coinbase Pro site he said “more conditions are affecting access and order settlement” for his Coinbase Pro service, adding that he is investigating ‘ r problem.

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

Coinbase users on Twitter reported trading problems.

One Coinbase Pro user told Reuters via message: “The breach prevented me from issuing a purchase limit order that would have been executed as the limit price was met. At this point the order finally went through but I lost the price for the time being. “

Bitcoin, the world’s largest cryptocurrency, fell as much as 13% on Thursday to its lowest since Nov. 16., slamming the brakes on its hot-red rally and triggering the sale of smaller coins.

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