Customers Distressed as Coinbase Pro Halts BTC/USD Trading Services
Coinbase, one of the leading cryptocurrency exchange platforms in the world, on 10th August announced that Coinbase Pro has recognized a problem in the BTC/USD order book. this led to the pair being unavailable for trading on the platform for long hours at a stretch.
The customers of the platform are left distressed because of this halt in trading of the pair. It might also be possible that the customers have suffered losses because of this halt as it affects the Bitcoin market.
There was an announcement made on Twitter by Coinbase Pro which stated:
“[status] Investigating: We are currently investigating issues with trading on the BTC-USD order book.”
There was split in the Coinbase Global Digital Asset Exchange [GDAX] product leading to Coinbase Pro and Coinbase Prime. The primary focus of Coinbase Pro is individual traders whereas the focus of Coinbase Prime is on institutional investors.
The order book of Coinbase Pro refers to the present orders on the trading platform. The users sell and buy orders for a particular cryptocurrency along with its respective pair. Customers can also view the value at which currency is being purchased and sold on a real-time basis.
As per the exchange platform, the problem which stopped the customers from trading on BTC/USD was identified and they were working on resolving the issue. The platform then went on to say that they had eared the BTC/USD in order to solve the problem. Furthermore, the platform said that all the resting orders had been cleared by them in order to solve the problem. They went on to say that the cleared order will be in cancel mode until they finish investigating the problem.
According to Coinbase, the BTC/USD order book did not have the required liquidity which was needed to enter the limit-only mode. Hence, the clearance of the book and the platform is being done in order to re-open the book at post-only mode at 4:00 p.m UTC. The post-only mode is set to remain for a minimum of 10 minutes.
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