Largest US Bitcoin exchange halts trading as cryptocurrencies plummet

Dianna Christensen
December 23, 2017

One of the largest bitcoin exchanges and wallets, Coinbase Inc., has suspended trading in the wake of an nearly 35 percent drop in market value for the digital currency in the past 24 hours or so. NY time that buying and selling was temporarily disabled.

Bitcoin cash was created on August 1, when Hong Kong-based digital currency exchange Bitfinex said a group of bitcoin miners would be "forking" from the main bitcoin to create a new version that trades faster and easier.

Cryptocurrency values plunged Friday in a market-wide selloff that reversed highs the volatile sector had reached just days earlier.

Since January, the price of the most recognizable cryptocurrency in the world has risen from $998 to almost $20,000 earlier this week.

Coinbase announced the news on its site Friday morning. "All Coinbase employees and contractors were explicitly prohibited from trading Bitcoin Cash and from disclosing our launch plans over a month ago". On Tuesday, Coinbase surprised many by announcing it was launching trading in the bitcoin offshoot, bitcoin cash.

Ohio Woman Arrested After Body Found In Backyard
Officials removed four children from the home Monday night, and the children were placed in emergency custody in foster care. Christopher Rodriguez, Larissa's husband, is now in Medina County Jail for failing to pay child support. "He needed help.

PUBG sells 1m in just 48 hours on Xbox One
In the meantime, Microsoft wants to give new Xbox One X owners a chance to dive right in to PlayerUnknown's Battlegrounds . According to Eurogamer , it's believed that the desert map will hit the Xbox version of PUBG sometime in early 2018.

Japan to Buy Two US-Built Anti-Missile Systems
North Korea's nuclear and missile development programs pose a particular threat to Japan's national security. President Donald Trump urged Prime Minister Shinzo Abe to purchase more U.S. military equipment.

Coinbase said traders would be able to buy and sell the digital currency " once there is sufficient liquidity" on the GDAX exchange, which is owned by Coinbase.

As of 1:30 p.m. EST Coinbase is still down for most users.

Warnings and red flags piled up for cryptocurrency investors over the past week. "We are working on a fix and apologize for any inconvenience", Coinbase said on its status website at 11:11 a.m., ET.

"Bitcoin is nothing more than crypto-tulip bulbs", Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness, told the Journal. The stock closed 11.2% lower at $24.52 a share Friday.

Other reports by GlobalViralNews

Discuss This Article

FOLLOW OUR NEWSPAPER