Australian bitcoin price drops to $838 as bitcoin exchange shuts down

Posted June 02, 2019 09:24:24Australia’s bitcoin price fell by more than a fifth on Tuesday as it closed down after bitcoin exchange Coinbase shut down its operations.

The cryptocurrency has lost more than $2,000 in value since Monday, when the company announced that it was ceasing trading after it detected a large number of suspicious transactions.

Coinbase was one of the world’s largest bitcoin exchanges before the bitcoin price began to fall.

At the time, Coinbase chief executive Brian Armstrong said the company was “saddened” by the incident.

“I want to make it absolutely clear that we are absolutely sorry for this incident,” Mr Armstrong said.

“Our staff are on a mission to get the customer’s money back, so they will continue to do that and we are committed to helping them.”‘

They are really, really disappointed’A spokesperson for Coinbase told ABC News the exchange had taken a “small number of customers down” and that its system was “working” at the time of the outage.

“We are very sorry to the customers who lost their money,” the spokesperson said.”[They are] really, very disappointed in Coinbase.”

The spokesman did not comment on what steps were being taken to rectify the issue.

In an interview with The Register on Monday, Mr Armstrong called the bitcoin community’s response to the Coinbase outage “overwhelming”.

“The market has just exploded,” he said.

Mr Armstrong also said Coinbase’s decision to shut down was not related to any specific regulatory action, and that the exchange’s decision was based on its assessment of the risk posed by the surge in bitcoin.