BitPrime freezes trading as crypto crash bites

BitPrime freezes trading as crypto crash bites
BitPrime chief executive Ross Carter-Brown said the 'perfect storm' meant the company no longer had enough capital to confidently carry out trades for customers. (Photo: Supplied)
Dan Brunskill
New Zealand-based cryptocurrency retailer BitPrime has paused trading on its platform as it no longer has enough capital to facilitate transactions. BitPrime told customers in an email on Thursday afternoon that trading had been suspended due to “liquidity issues” and “extreme market volatility”.The email said a “perfect storm” had occurred with trading volumes drying up, the market crashing, and overhead costs increasing.“These have eroded trading capital and liquidity to a point where we felt we...

More Markets

Shipping giant takes over NZ ocean freight firm Armacup
Markets

Shipping giant takes over NZ ocean freight firm Armacup

Armacup CEO Mark Ching steps down after 18 years.

Auckland Airport's new cargo precinct should ease strain
Markets

Auckland Airport's new cargo precinct should ease strain

Auckland International Airport (AIA) says a new cargo precinct should take some strain off roads and has today reported a big increase in some fresh produce freighted in summer.Overall, fruit and vegetable air freight was up 34% in December, January and February compared with the...

Being AI divests from education
Markets

Being AI divests from education

The AI company says the move was needed to take $3.9m in liabilities off its books.