Bitcoin plunges almost 35%, prompting Coinbase exchange to suspend trading

Bitcoin plunges almost 35%, prompting Coinbase exchange to suspend trading

Friday's sudden plummeting of bitcoin prices has people asking if the cryptocurrency bubble is popping and now a major player in the space is temporarily halting all buying and selling on its exchange. Even though Bitcoin made its way back to trading close to $12,750 mid-morning, this is still pretty shocking considering it was only last week that the digital currency soared above the $19,800 mark. The notable price drop amounted to a almost $4,000 dive, and was far below its all-time high, which came earlier this month at $19,783, according to CoinDesk, a virtual currency news site.

Bitcoin traded about 18 percent lower near $12,800 on Coinbase as of 11:39 a.m. ET.

Update, 1:44 p.m., according to Coinbase buys and sells have been re-enabled. After reaching a peak last Sunday, investors are now taking a "cold shower" with the decreasing price of the digital currency.

Considering we are approaching the new year, I'm sure those who have invested in Bitcoin did not want to have these sorts of worries going into 2018. Just yesterday, the Long Island Iced Tea Corp, changed their name to Long Blockchain Corp (NASDAQ:LTEA) and its shares rose 289 percent. Its stock price tripled soon after.

Our employee trading policy at Coinbase – The Coinbase Blog

It's unclear what led to the dive Friday, but some experts have been highly critical of bitcoin despite its prominent rise and astounding returns, and perhaps because of its notorious volatility. The price of BTC may also be negatively impacted if the SegWit2X fork is successful and supported by the Bitcoin community.

Coinbase, the U.S's largest online crypto exchange, has temporarily halted all transactions during today's dip, after having many delays in transfers.

Central bank warnings continued Thursday, when Bank of Japan Governor Haruhiko Kuroda warned that Bitcoin isn't behaving like a normal currency and is being used for speculation.




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