Bitcoin’s price is collapsing and people can’t trade because 2 big exchanges have crashed

Gemini, a cryptocurrency exchange owned by Cameron and Tyler Winklevoss, crashed on Wednesday. Thomson Reuters

  • Two of the biggest cryptocurrency exchanges, Coinbase and Gemini, crashed on Wednesday morning, making it impossible for many users to buy or sell digital currency.
  • Coinbase said it saw “all-time-high traffic” that contributed to system outages.
  • Bitcoin fell to about $9,000 on Wednesday after surging earlier to over $11,000.

Bitcoin on Wednesday dropped to about $9,200, from an all-time high of about $11,400, after many users found themselves locked out of two of the biggest cryptocurrency exchanges in the US.

Coinbase showed this message to users just before noon P.T. on Wednesday. Business Insider/Screenshot

The digital exchanges Coinbase and Gemini crashed on Wednesday after bitcoin prices surged above $11,000 per coin early in the morning.

People also reported being locked out of accounts on GDAX, Coinbase’s professional trading platform, and Bitstamp, a bitcoin exchange based in Luxembourg…

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