Coinbase reaches buying limit and “suspends” activity

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Remember when back in April the exchange Mt. Gox suffered several difficulties due to the high levels of demand? Well, a similar thing recently happened to Coinbase. On Monday (18), when Bitcoin’s price increased almost $150, the exchange was handling high amounts of transactions, like many other platforms around the world.

As a result, Coinbase reached its buying limit, running out of Bitcoins to sell, the Business Insider reports. On that day, the platform left a message to its clients, transcribed by Hacker News:

Due to higher than normal buy volumes, we are unable to provide exact price quotes right now.

Instead of pausing buys entirely, we decided to give people the option to purchase Bitcoin at the market price in a few days. Once your USD funds arrive, we will exchange them to Bitcoin at the market price at approximately Friday Nov 22, 2013 at 07:56AM PST.

Note that you can cancel your order at any time up until your Bitcoin arrive from the transfer history page.

Business Insider punctuates its article with a single word: “insanity”. Is it? Or is it just people trying to make a good investment?

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Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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