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Coinbase suspends trading amid cryptocurrency rout

brian armstrong coinbase 2 - Coinbase suspends trading amid cryptocurrency rout

Coinbase, the most popular site for cryptocurrency transactions in the U.S., has suspended all trading activity today amid a crash in cryptocurrency prices.

A statement on the company’s website this morning read, “Due to today’s high traffic, buys and sells may be temporarily offline. We’re working on restoring full availability as soon as possible.”

That follows an earlier statement from the company that all buys and sells were temporarily disabled.

A spokesperson fro the company referred me to the company’s website for status updates, saying there was no additional information to share.

It’s been a tumultuous few weeks for the marquee crypto-currency wallet and transaction company as a late-year surge in transactions have repeatedly felled Coinbase’s services.

screen shot 2017 12 22 at 8 56 35 am - Coinbase suspends trading amid cryptocurrency rout

The latest suspension follows a crash in cryptocurrency pricing that we first reported yesterday. That drop — which at one point erased more than $4,000 from the value of bitcoin — was the biggest loss of value (on a percentage basis) that bitcoin had seen this year.

Since January, the price of the most recognizable cryptocurrency in the world has risen from $998 to nearly $20,000 earlier this week.

1513963543 26 bitcoin nov 22 - Coinbase suspends trading amid cryptocurrency rout

There’s been no explanation for the sudden and precipitous drop in bitcoin’s value, but it isn’t the only blockchain-based currency to see prices drop.

This is a breaking story and we will update it as more information becomes available. 

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Updated: December 22, 2017 — 5:25 pm

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