Bitcoin Falls More Than 40% and Coinbase Disables Trading
Bitcoin Falls More Than 40% and Coinbase Disables Trading
Bitcoin transaction temporarily disabled on Coinbase, one of biggest digital currency market
23 December, 2017, 01:09
Forget that Trump officially signed the tax bill package (but that is something to keep in the back of your mind), the most notable news reaching the masses this morning is the fact that Bitcoindropped more than 40% Friday, and Coinbase, one of the most popular platforms for purchasing and selling virtual currencies, disabled trading due to price fluctuation in cryptocurrencies. "All buys and sells have been temporarily disabled".
Cryptocurrency values plunged Friday in a market-wide selloff that reversed highs the volatile sector had reached just days earlier. Bitcoin is the world's highest-valued currency, as one Bitcoin hit almost $20,000 this December.
Shares of Long Island Iced Tea had soared Thursday after the New York-based beverage company announced it would rebrand and refocus on blockchain technology, a digitized ledger of all cryptocurrency transactions.
After 11 a.m. on Friday, Coinbase, one of the largest bitcoin exchanges in the US, announced that trading had been temporarily halted.
"The vast majority of long-term holders of bitcoin are still way in the money and have shown no sign of cashing out", Michael Jackson, a partner at venture capital firm Mangrove Capital Partners, said in an emailed comment Friday.
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Bitcoin cash was created on August 1 when a group of Bitcoin miners announced that they would be "forking" to create a new currency which makes trading faster and easier.
Coinbase immediately halted the trading of Bitcoin Cash, after the rumors of insider trading at the exchange went viral. The company said on its status website that since last Friday, high transaction volumes were delaying wire transfers.
Warnings and red flags piled up for cryptocurrency investors over the past week.
It's valued at about £2,600 per coin, which is much lower than the £11,700 a Bitcoin is being sold for right now.
Bitcoin cash traded at $4,329.52 on Coinbase as of 12:12 p.m. ET time.
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