Skip to main content

Bitcoin keeps sliding a day after wild trading

By

Screen Shot 2017 11 30 at 10.05.26 AM

  • Bitcoin, the red-hot digital coin, was trading down 3.8% Thursday morning. 
  • The coin has been under pressure as anxiety mounts over a number of outages at leading crypto-exchanges.

Bitcoin is under pressure a day after a wild trading session for the scorching-hot digital currency. 

Bitcoin, which pushed past $11,000 on Wednesday, was trading down 3.8% Thursday morning at $9,465 a coin, according to Markets Insider data. On Wednesday, the coin shed more than $1,000 in a couple of hours as anxiety mounted over a number of outages at leading cryptocurrency exchanges. 

Users of Coinbase's professional trading platform, and Bitstamp, a bitcoin exchange based in Luxembourg, reported slow performance and outages. Such platforms have struggled to keep up with the explosive rise of bitcoin and increased trading volumes for cryptocurrencies. 

24-hour volumes, according to crypto data site CoinMarketCap, hit all-time highs in November. At the time of publication, they were just under $20 billion. To put that in context, the New York Stock Exchange sees approximately $50 billion of shares exchange on its floor during any given trading day. 

The problem is platforms like Coinbase don't have the infrastructure to handle volumes that high, according to Garrett See, the CEO of DV Chain, the crypto trading division of Chicago-trading firm DV Trading. 

See told Business Insider his firm is focusing on how it can improve the interface between his trading desks and cryptocurrency exchanges. 

"We have been adapting the software we use on the traditional side and applying them to cryptocurrency markets," See said. 

Coinbase blamed high volumes for problems with their site in a tweet out early Thursday morning. 

Screen Shot 2017 11 30 at 9.54.45 AM

Exchanges appear to be stepping up their game, however. San Francisco-based Kraken, for instance, has been actively hiring developers to improve their infrastructure. 

"Development team growth has been part of our strategy all along," CEO Jesse Powell wrote in a statement to Business Insider. "The increased volume has validated our hunch. The key to hiring though is to ensure we are preserving Kraken's extremely high standards."

Still, traders are incredulous about whether efforts on the part of exchanges will translate into anything meaningful.

"They've said this for years," said Josh Olszewicz, a trader and writer for Brave New Coin."It's been s--- for a while."

Screen Shot 2017 11 30 at 9.29.00 AM

Join the conversation about this story »

NOW WATCH: One type of ETF is taking over the market



from Tech Insider http://ift.tt/2AMcoyk
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Instagram accidentally reinstated Pornhub’s banned account

By
After years of on-and-off temporary suspensions, Instagram permanently banned Pornhub’s account in September. Then, for a short period of time this weekend, the account was reinstated. By Tuesday, it was permanently banned again. “This was done in error,” an Instagram spokesperson told TechCrunch. “As we’ve said previously, we permanently disabled this Instagram account for repeatedly violating our policies.” Instagram’s content guidelines prohibit  nudity and sexual solicitation . A Pornhub spokesperson told TechCrunch, though, that they believe the adult streaming platform’s account did not violate any guidelines. Instagram has not commented on the exact reasoning for the ban, or which policies the account violated. It’s worrying from a moderation perspective if a permanently banned Instagram account can accidentally get switched back on. Pornhub told TechCrunch that its account even received a notice from Instagram, stating that its ban had been a mistake (that message itse...
Post a Comment
Read more

Colorado police identified the serial killer who murdered 4 women 40 years ago after exhuming his body to analyze a DNA sample

By
A scientist examines computer images of DNA models. Getty Images Police in Colorado have cracked the cold cases of four women killed 40 years ago. Denver PD said genetic genealogy and DNA analysis helped them identify the serial killer. He had died by suicide in jail in 1981. DNA from his exhumed body matched evidence from the murders. Police in Colorado have cracked the code on four murder cases that went unsolved for 40 years, using DNA from the killer's exhumed body. The cases pertain to four women killed in the Denver metro area between 1978 and 1981. They were 33-year-old Madeleine Furey-Livaudais, 53-year-old Dolores Barajas, 27-year-old Gwendolyn Harris, and 17-year-old Antoinette Parks. The four women were stabbed to death. Denver Police Commander Matt Clark said in a press conference Friday that there was an "underlying sexual component" to the murders but didn't elaborate further. In 2009, a detective reviewed Parks' case and picked several p...
Post a Comment
Read more

Gemini vs. ChatGPT: Which one planned my wedding better?

By
I was all about the wedding bells after getting engaged in June, but after seeing some of these wedding venue quotes, it’s more like alarm bells. "Ding-dong" has been remixed to "cha-ching" – and I need help. I don’t even know how to begin wedding planning. What are the first steps? What do I need to prioritize first? Which tasks are pressing – and which can wait a year or two? I decided to enlist the help of an AI assistant. Taking it one step further, I thought it’d be interesting to see which chatbot – Gemini Advanced or ChatGPT Plus (i.e., ChatGPT 4o) – is the better wedding planner. Gemini vs ChatGPT: Create a to-do list I’m planning on have my wedding in the summer of 2026 – sometime between August and September. Besides that, I don’t have anything else nailed down, so I asked both Gemini and ChatGPT to give me a to-do list based on the following prompt: “My wedding is between August 2026 and September 2026. Give me a to-do list of things to do for the...
Post a Comment
Read more