News Bitcoin exchanges crash day after US subpoenas cryptocurrency transaction...

Bitcoin exchanges crash day after US subpoenas cryptocurrency transaction info

-

- Advertisment -

Bitcoin exchanges crash day after US subpoenas cryptocurrency transaction info

Cryptocurrency exchanges are crashing, Bitcoin is fluctuating like an electrocardiogram hooked up to someone at a pie-eating contest, and the US government is turning its eye on big ticket Bitcoin transactions. It’s a crappy day to be a crypto enthusiast.

Coinbase and Gemini, two of the world’s most popular cryptocurrency exchanges, are both having a difficult time completing transactions over the last few hours.

Reports indicate most users are unable to even log in. If that weren’t bad enough, Coinbase may also be getting demands from US courts to turn over transaction documents. Is this what it looks like when a bubble bursts?

At the time of writing both sites still appear to be having this problem, with users on Reddit claiming that some transactions are being denied due to problems with “banking partner,” while others flat out can’t log in. Yikes.

Now, before anyone panics let’s examine the situation. Bitcoin dropped in value close to the $9,000 mark – losing nearly 2K in a couple of hours – but it’s back up over $10,000 currently. That’s the good news.

The bad news is, according to a tweet from Professor Alan Woodward, a security expert from University of Surrey, Coinbase has been subpoenaed with a request for records of all transactions in amounts over $20,000 between 2013 and 2015.

It’s likely this request indicates we can expect some information in the form of regulatory news (taxes), at least out of California where the document was filed.

There’s not much reason to believe there’s any relation between Coinbase’s inability to process transactions, Bitcoin losing thousands, Gemini crashing, and this legal action. The smart money is on caution.

There’s been a thousand ‘get out while you still can’ scenarios for cryptocurrency (Bitcoin in particular). But for every one of those cases there’s even more people who wish they’d held on.

The fact that Bitcoin is already rebounding from its intraday low seems to indicate the best strategy for now is to wait and see how the rest of the week plays out.

Still, best give your accountant a call to be on the safe side.

We’ve reached out to cryptocurrency experts for comment and will update as we learn more.

Read next:

YouTube copying Snapchat Stories actually makes sense, for once



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...
- Advertisement -Bitcoin exchanges crash day after US subpoenas cryptocurrency transaction info

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...

Must read

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that...
- Advertisement -Bitcoin exchanges crash day after US subpoenas cryptocurrency transaction infoBitcoin exchanges crash day after US subpoenas cryptocurrency transaction info

You might also likeRELATED
Recommended to you