The halt to all bitcoin trading on Bitstamp has had a ripple effect on numerous other businesses depending on the exchange for price data.
Yesterday, Bitstamp suspended its service after it discovered close to 19,000 BTC had been stolen from its hot wallet.
BitPay has taken measures to ensure its merchants experience no interruption to service. It has removed Bitstamp from its Bitcoin Best Bid (BBB) rate, BitPay’s global bitcoin exchange rate for calculating conversions for merchants, aggregated from several exchanges. The Bitstamp price had registered as stuck at $276.80.
Coinbase has its own internal bitcoin exchange service, so its merchant integration has not been affected.
Your Cashier Checklist – Time For an Upgrade!Go to article >>
BTC.sx, which uses Bitstamp as one of its three order books for its leveraged instruments, has disabled the ability to open new Bitstamp positions. Users will also likely experience difficulties if trying to close a position.
Recall as well that eToro bases its bitcoin CFD trading instrument off the Bitstamp price, which replaced that of MtGox last year. The displayed price, last updated yesterday, also appears stuck at $276.80. DC Magnates has reached out to eToro for comment.
Plus500 bases its bitcoin trading instrument off BTC-e prices, which also replaced those on MtGox during its collapse.
Whereas bitcoin prices suffered on all bitcoin exchanges during the MtGox collapse last year, they seem to remain largely unaffected this time around. Already hovering near 14-month lows, they did not decline further as the news broke. The scale of loss is much smaller, and Bitstamp appears to have been forthcoming about the issue thus far. Such events may also no longer be such a shock to Bitcoiners as much as they were a year ago.