Wednesday, 17 January, 2018

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

Our employee trading policy at Coinbase – The Coinbase Blog Bitcoin plunges almost 35%, prompting Coinbase exchange to suspend trading
Heather Davidson | 23 December, 2017, 01:53

Coinbase, one of the biggest bitcoin marketplaces in the US, said Friday that trading was temporarily disabled amid a price rout in cryptocurrencies.

Bitcoin was trading at $11,910 U.S. just before 10 a.m. Friday, according to cryptocurrency tracker coinmarketcap.com, sending the currency down 27 per cent since Thursday. Despite the precipitous drop, the price has not stabilized, and is experiencing extreme volatility.

"Due to today's high traffic, buys and sells may be temporarily offline, the comapny said in an alert posted at 11:35 a.m. ET".

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

The major sell-off Friday punctuates a year in which bitcoin has seen stellar growth, prompting new investors to buy in, and igniting a flurry of media attention, even as the virtual currency is known for massive price swings.

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. Its stock price tripled soon after. The price of BTC may also be negatively impacted if the SegWit2X fork is successful and supported by the Bitcoin community.

Shares of the money-losing company previously known as Bioptix had risen in recent weeks after it rebranded itself as Riot Blockchain. The sudden price drop of Bitcoin remains unclear.

To think investors weren't confused enough with the significant Bitcoin drop, Coinbase, a San Francisco-based digital currency exchange, announced Friday morning that had "temporarily" disabled all purchasing and selling.

UBS has called bitcoin a "speculative bubble" and JPMorgan Chase's CEO Jamie Dimon has said that bitcoin is a "fraud" that "won't end well".

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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