Markets

BitPrime freezes trading as crypto crash bites

Dan Brunskill
Fri, 13 May 2022

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
Fri, 13 May 2022
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...

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