BREAKING: Bitcoin ‘CRASHES CBOE stock exchange’ less than ten minutes into trading
BITCOIN has crashed the CBOE stock exchange website less than ten minutes after making its debut on the trading site, the exchange company has confirmed.
EXPRESS
The cryptocurrency started trading on the major stock exchange for $15,000 per unit.
Confirming the news on twitter CBOE said: “Due to heavy traffic on our website, visitors to cboe.com may find that it is performing slower than usual and may at times be temporarily unavailable. All trading systems are operating normally.”
People have expressed their frustration at the news on social media.
One user tweeted:”Quite a pathetic launch of future on CBOE, it seems that the website crashed.”
Another added: “CBOE site down eight minutes after Bitcoin launch.”
Due to heavy traffic on our website, visitors to https://t.co/jb3O722hoo may find that it is performing slower than usual and may at times be temporarily unavailable. All trading systems are operating normally.
— Cboe (@CBOE) December 10, 2017
In 2017 alone, Bitcoin’s value has increased by more than 1,000 per cent.
In the opening minutes of trading on CBOE Bitcoin increased in value by $1,170 (£873.41) as the price of a single bitcoin spiked by 10 per cent.
Today is the first time that the online currency has traded on a major stock exchange.
It is also due to start trading on the larger CME stock exchange next Sunday.
Prior to the launch at 11pm GMT critics had warned prospective buyers about the extreme volatility of the unregulated currency alongside issues surrounding hacking and money laundering that could cause problems for mainstream stock exchanges.
Craig Pirrong, a finance professor at the University of Houston, wrote in a blog last week: “The Bitcoin cash markets are immature, and hardly seem the epitome of robustness.”
In 2014 Mt. Got, the largest Bitcoin exchange, collapsed after hackers stole more than $470million (£350million).
Meanwhile, as recently as November £26million disappeared from the Bitcoin exchange Tether.
Last week India’s central bank warned people not to invest in the currency because of hacking.
In a statement urging caution the central bank said: “In the wake of a significant spurt in the valuation of many virtual currencies and rapid growth in Initial Coin Offerings, the Reserve Bank of India reiterates the concerns.”
They went on to say Bitcoin has the “economic, financial, operational, legal, customer protection and security related risks.”
The bank has issued three warnings since 2013 about the risks of the cyber money.
More to follow…
