Bitcoin frenzy drives coinbase App to No

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Coinbase

Except that part when the price of digital currencies reaches so high that it creates extreme volatility and puts stress on the bitcoin broker's system, which is what happened Thursday.

Bitcoin soared from $16,000 a coin on Coinbase's GDAX exchange to $19,500 in less than three hours Thursday. "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", he said.

The bitcoin frenzy of the last week has crashed Coinbase's servers yet again, marking the sixth time in the last six months the largest USA cryptocurrency exchange has gone down as large numbers of investors rush to take advantage of opportunities.

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Nevertheless, Armstrong said that service disruption may still continue.

Needless to say, people want in on the action.

The latest swing higher came as bitcoin topped $12,000 Tuesday night in a rapid recovery from a 20% drop last week.

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The regular trading kicked off at $39.08 but as the trading came to an end, the stock escalated, concluding with a fall of -0.56%. It improved, as 4 investors sold MLVF shares while 5 reduced holdings. 79 funds opened positions while 269 raised stakes.

We at Coinbase couldn't be more excited by the explosion of interest in digital currencies.

Between 5 and 6 a.m. "Digital currencies are volatile and the prices can go up and down", Brian Armstrong wrote in a Thursday blog post.

"While we launched [in the U.S.] just a week ago, bitFlyer has already seen strong interest from institutions looking to gain exposure to bitcoin. We're glad to have expanded to the United States at this time with so much interest due to the impending Bitcoin futures launches", bitFlyer COO Bartek Ringwelski, said in an email.

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Cryptocurrency exchanges, which don't have the industrial infrastructure of traditional exchanges such as the New York Stock Exchange or the Nasdaq, are under pressure to handle record trading volumes. Whether its app remains as popular as bitcoin itself will likely depend on whether bitcoin ends up being as valuable as it promises, or a get-rick-quick scheme that's full of nothing but hype. JPMorgan Chase Jamie Dimon has called bitcoin a "fraud". Digital currency investor and former Fortress hedge fund manager Michael Novogratz also said last week that cryptocurrencies like bitcoin are "going to be the biggest bubble of our lifetimes".

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