Coinbase Exchange Crashes Again As Bitcoin Zooms Past $16000


One estimate from app analytics firm Sensor Tower looking at both Apple's app store as well as Google's suggests that new users installed the Coinbase app more than 575,000 times in the first week of December. "Due to the rapidly changing price of digital currencies, some customers may not have sell limits that are sufficient relative to the value of total digital currency they are storing on Coinbase", Armstrong wrote. NY time, bitcoin jumped past $15,000, its latest milestone after soaring through $12,000, $13,000 and $14,000 over about the last 33 hours, according to an index on CoinDesk. Data from Markets Insider show the price hitting an all-time high of $16,623,64 per coin.

The massive tear upwards seems to have put pressure on Coinbase.

Still, the statement goes on to warn, "Despite the sizable and ongoing increases in our technical infrastructure and engineering staff, we wanted to remind customers that access to Coinbase services may become degraded or unavailable during times of significant volatility or volume". The reason we are following Bitcoin here, is that this insane run-up made Coinbase the most popular iOS app in the App Store yesterday.

You've heard about Bitcoin, right?

Now, bitcoin may only appeal to someone willing to dive into the digital world of cryptocurrencies, or someone with a lot of disposable income, but that enthusiasm was strong enough to push Coinbase's app to the No. 1 spot on the free app chart for Apple's App Store on Thursday.

Bitcoin soared above $19,500 a coin on Coinbase's GDAX exchange around 11 a.m. ET Thursday, just three hours after it blew past $16,000 on the site. At the same time, it was trading at $US14,573 on Bitfinex, based in Taiwan.