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- Buying and selling on popular cryptocurrency exchange Coinbase was disabled Friday.
- The entire market for digital currencies was under intense pressure with bitcoin trading down 20% on Coinbase's GDAX exchange.
Buys and sells on Coinbase, the largest cryptocurrency exchange in the US, have been disabled amid a massive cryptocurrency sell-off.
The company said it is "working on a fix" in an alert, adding that it apologizes for inconveniences.
In a follow-up alert posted 11:35 a.m. ET, the company said: "Due to today's high traffic, buys and sells may be temporarily offline. We're working on restoring full availability as soon as possible."
Meanwhile, all major cryptocurrencies were trading in the red. Bitcoin was down more than 20% on Coinbase's GDAX exchange at the time of writing. It was trading at $12,650, down from an all-time high above $19,000 earlier in December. In total, the cryptocurrency market shed more than $140 billion from its market capitalization over the last twenty-four hours.
Coinbase has struggled to fully function under high-traffic and volatile moments in the crypto-market.
Buys and sells of bitcoin cash, another cryptocurrency, were disabled on Coinbased Tuesday. The company said in a blog post it disabled trading because of "significant volatility."
On December 12, the company halted trading of litecoin and ether as the two cryptocurrencies reach all-time highs.
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