Bitcoin struggles to hold above $16,000; crypto marketplace Coinbase reports transaction delays

Bitcoin :
rallied Tuesday, recovering from
a sharp sell-off late last week.
The digital currency briefly climbed
more than 12.5 percent to above $16,100
late Tuesday morning and was trading
near $15,965 late in the afternoon,
according to Coinbase, the leading U.S.
platform for trading major digital
currencies.
However, Coinbase said on its status
website at 1:24 p.m., ET, that "Due to
high volume, we are experiencing a
backlog of outgoing transactions for
BTC and ETH. .

The issue remained unresolved more
than three hours later, according to the
website.
With Tuesday's gains, bitcoin has now
recovered more than 50 percent from a
low of $10,400 hit Friday in an
extremely volatile day of trading that
had no immediately apparent
explanation behind it. Trading on
Coinbase was also down for more than
two hours during Friday's sell-off.