Coinbase halts support to trade in bitcoin
Just after announcing the support to turn Bitcoin into cash, the US exchange startup Coinbase has abruptly taken off the support from trading in its newest asset. Prior to this, the US startup allowed buying, selling and dealing in the bitcoin owing to the increasing craze of the new cryptocurrency.
Cryptocurrency is the third-largest digital-asset by market capitalization and the recent support announcement from Coinbase seemed to add more to convert bitcoin into cash trending. However, the bitcoin to cash trading has now been abrupted owing to higher volumes of the exchange trading.
The halt was imposed owing to some unique complications in bitcoin to cash exchange. Additionally, the project called hard fork created unique complications for the exchanges. The complications came as an effect of copying bitcoin’s ledger at the time of the split. As an effect of the same, a group of users with smart capitals seemed to put a strain on the exchange.
Presently the buying and the selling of Bitcoin has been disabled from the platform with the last quoted price nearly $9,000, which is more than $6,000 above the market price of $2,000 as per the data provided by CoinMaketCap.
"All BCH books will enter cancel-only mode, and all existing orders will be cleared. While in cancel-only mode, no new orders will be accepted. We will post an update shortly," the exchange wrote at 18:30 PST, and later tweeted.
The official blog from the exchange stated that the trading was disabled just after a few minutes it was started. Trading went live at 17:20 PST and was ceased to post-only mode at 17:24, as per the records.