< path d="M52.6178 31.3114L44.7476 60.6733L74.1095 68.5435L81.9797 39.1816L52.6178 31.3114Z" fill="#F9C32D"/>
Advertiser Disclosure

Coinbase suffers temporary trading halt

Avatar
Peter Terlato
Posted: 12 December 2017 4:59 pm
News

It’s not just bitcoin that’s on a tear, other digital currencies are skyrocketing in value too.

Digital currency exchange Coinbase, which brokers exchanges of bitcoin, Ethereum, Litecoin and other digital assets, saw its trading platform shut down for a limited time amidst a booming and expanding marketplace.

Litecoin and Ethereum buys and sells were temporarily disabled today at 10:40 a.m. ET for almost one and a half hours, and again for Litecoin buys and sells at 2 p.m. ET, which lasted for a further 40 minutes.

The outages occurred during a period of intensive price action and trading for both virtual currencies.

While these issues have since been resolved, it’s apparent that rapid, amplified activity is taking its toll.

Although bitcoin has received much of the press in the last few weeks and months, rising more than 50% in the last month to reach $17,700 in mid-December, other digital currencies are also surging in value. Over the last few days, two other cryptocurrencies – Litecoin and Ethereum’ ether – have witnessed significant gains.

In just two days ether’s value has risen approximately $170, from $433 on Sunday December 10 to a little over $605 on Tuesday December 12, according to coindesk’s crypto exchange price index. That’s almost a 40% jump. Ethereum is an open-source blockchain-based distribution platform which uses smart contracts for trades.

Litecoin’s value shot up 150% over the same two day period, from $133 on December 10 to over $330 today, according to CoinMarketCap. Litecoin is similar to bitcoin but generally has faster transaction confirmation.

Discover how and where to buy bitcoin, Litecoin and Ethereum’s ether using our tailored guides.

The largest U.S. options exchange, CBOE, launched bitcoin futures trading over the weekend, offering investors their first opportunity to bet on whether the cryptocurrency’s value will rise or fall over time. Long-term future pricing has been heralded by some investors as a considerable vote of confidence for virtual currencies, potentially paving the way for less market volatility and further increased investment over time.

New York rental management platform ManageGo will soon allow tenants to pay rent using cryptocurrencies.

However, UBS Wealth Management remains unconvinced as to whether bitcoin and other digital currencies have a shelf life. The currency’s legitimacy is a hotly debated topic among economists and trading strategists.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest news headlines

Picture: Shutterstock

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

Latest headlines

Go to site