As worries over the economic hit from the coronavirus outbreak spread from stock...
LONDON - As worries over the economic hit from the coronavirus outbreak spread from stocks, oil and bonds to cryptocurrencies late last week, bitcoin crashed to its worst day in seven years. But plummeting prices weren’t the only problem for investors.
Bitcoin prices collapsed nearly 40% on March 12, the biggest one-day drop since spring 2013, before jumping 16% a day later. “In an abundance of caution, and to protect the integrity of our marketplace, we paused the market to resolve the issue and ensure all market services were back online in a healthy state prior to reopening,” she said.
And while most exchanges continued as normal during the turbulence, the Gemini and BitMEX episodes may also fuel doubts that bitcoin’s infrastructure is solid enough for it to work as an alternative to traditional currencies. But with crypto markets having been dogged by cyberattacks since their birth 12 years ago, exchanges should be better prepared, said Tim Swinson, head of market intelligence at Clearmatics, a London-based blockchain startup that designs peer-to-peer payment platforms.
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