Published: Sat, December 09, 2017
Business | By Max Garcia

Coinbase shoots to the top of Apple's App Store charts

Coinbase shoots to the top of Apple's App Store charts

Even as bitcoin went parabolic on GDAX, it failed to surpass $16,000 on either Bitstamp or Bitfinex, two other large exchanges that offer United States dollars trading pairs.

The CEO of Coinbase, a popular bitcoin exchange, is telling customers to "invest responsibly" amid the cryptocurrency's exploding value. According to Peter Brandt, a commodities traders, users who bought Bitcoin through Coinbase may have paid more than $2,000 more than what the actual price for the currency was. Coinbase is one of the major cryptocurrency exchanges accounting for a third of bitcoin trading volume.

For some users, Coinbase service was extremely slow; for others, it was impossible to log in or complete transactions at all.

'But to think prices are at mania levels where this could suffer a serious crash here is a bit ridiculous'.

Needless to say, people want in on the action.

At 1.30pm in Hong Kong Bitcoin had fallen to $14,566.81 (£10, 798.38) Friday which was a 14 percent fall from an earlier high of $17,153.94 (£12,721.36).

Between 5 and 6 a.m.

The bitcoin price began the day on an incline, punching through $15,000 less than 24 hours after reaching $13,000.

Investors continue to pile into Bitcoin ahead of the launch of futures contracts by CBOE at the weekend in the United States. The addition of bitcoin futures by two respected exchanges marks another step towards establishing the digital currency as a legitimate asset class. The Tokyo-based digital currency exchange is the largest in the world by trading volume and announced last week it received a "BitLicense" to operate in NY. The dump came just as quickly as the ascent, and within minutes the bitcoin price had shed more than $4,500 on GDAX, although it continued to trade above $15,000 - at least briefly. JPMorgan Chase Jamie Dimon has called bitcoin a "fraud". Novogratz also predicted last week that bitcoin could reach $40,000 by the end of next year.

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