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Coinbase Pro halts BTC/USD trading services on their platform – customers in distress?

Priya

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Coinbase Pro halts BTC/USD trading services on their platform - customers in distress?
Source: Unsplash

On 10th August, Coinbase, one of the leading cryptocurrency exchange platforms in the world, announced that Coinbase Pro has identified a problem in the BTC/USD order book because of which the pair was unavailable for trading on the platform for hours at a stretch.

The halt of the trading has led to a state of distress among the platform’s customers and it could have also resulted in customers incurring a loss as it affects the Bitcoin market.

Coinbase Pro on Twitter announced:

“[status] Investigating: We are currently investigating issues with trading on the BTC-USD order book.”

Coinbase Global Digital Asset Exchange [GDAX] product was split in two, Coinbase Pro and Coinbase Prime. Coinbase Pro mainly focuses on individual traders and Coinbase Prime focuses on institutional investors.

Coinbase Pro order book refers to the current orders on the exchange platforms. Customers buy and sell order for a particular cryptocurrency along with its respective pair. Users can also see the value at which the cryptocurrency is being purchased and sold at real-time.

The exchange platform stated that they identified the problem which was stopping the customers from trading on BTC/USD and were working on solving the issue. After which, the platform stated that they cleared the BTC/USD in order to solve the problem. The platform further stated that they cleared all the resting orders on the order book and that they would be in cancel mode until they finish investigating the problem.

Coinbase announced that the BTC/USD order book did not have the sufficient liquidity which was required to enter the limit-only mode. This was the reason for the clearance of the book and the platform is expecting to re-open the book at post-only mode at 4:00 p.m UTC. The post-only mode is set to remain for a minimum of 10 minutes.

Lauwie, a Twitterati said:

“OMFG how strange, you clear the whole damn book and then complain about not enough liquidity. How u expect people putting money up now”

Ulrico, the CEO of Wearedeepvr said:



“This is INSANE! You need to be covering your customers for this, I can’t even imagine how many people were mid-trade. Now another 8.5 hours delay? Insane and totally unprofessional.”

Dan G, another Twitterati said:

“How do you not have primary/standby systems? See this in crypto a lot but as an exchange with institutional aspirations it makes no sense.”

Goodytwo3, a Redditor said:

“Yes, hard to believe Coinbase is supposed to be so instrumental and this has been going on for so long without much uproar. WTF do we do if we want to trade right now? Complete BS from one of the market leaders!”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC]: Fidelity has a ‘room full of ASIC miners’ at its Texas office, claims Justin Moon

Yash Rajan

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Bitcoin [BTC]: Fidelity has a 'room full of ASIC miners' at its Texas office, claims Justin Moon
Source: Pixabay

Bitcoin [BTC] had become the center of discussion in the crypto-verse after its meteoric rise recently. BTC is considered to be the digital gold with huge growth potential. As the interminable discussions continued for a long time, individuals associated with this discourse exhibited legitimate reasons both ‘for’ and ‘against’ the validity and acknowledgment of digital forms of money.

Enthusiasts around the globe believed that the big names of the market and hotshots in the corporate space were complacent about BTC. As Bitcoin is increasingly gaining recognition on a daily basis, Fidelity has emerged as the newest member to validate and diffuse BTC in its business operations.

Fidelity Investments, the multinational financial services corporation based in Boston, USA, offered services encircling investing, brokerage and retirement plans.

According to Bitcoin developer Justin Moon, Fidelity Investments has been interested in Bitcoin for a long time. He tweeted,

“Fidelity has a room full of Bitcoin Miners [ASICs] at their Texas office.”

This tweet, from a broader perspective, pointed at the interest of big wagons in the market in BTC mining. Apart from this, it also showed that they were actively participating in public blockchains.



This is not the first instance where Fidelity has openly accepted its interest in cryptocurrencies. Ari Paul, founder and chief investment officer of BlockTower Capital, had tweeted earlier this year,

A majority of Fidelity’s clients seems to believe that digital assets are the next big thing in the economy and the debate has been going on for a while. However, Fidelity’s statement rested the speculations of BTC being adopted by big league members. In other adoption news, three days ago, AT&T announced that it would start accepting payments in Bitcoin for its services.





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