Largest US Bitcoin exchange halts trading as cryptocurrencies plummet

Robyn Ryan
December 23, 2017

Bitcoin and several other major cryptocurrencies plunged Thursday evening NY time as the end of an exponential year of growth neared. The world's largest and best-known digital currency was priced at $12,900 just after noon EST, down approximately 17.6% since Thursday, according to data at Coinbase, one of the largest bitcoin markets.

Buys and sells on Coinbase, the largest cryptocurrency exchange in the USA, were disabled for a little over two hours Friday amid a massive cryptocurrency sell-off.

A new kind of digital dosh called Bitcoin Cash is gaining mainstream acceptance and is now available to buy and sell through Coinbase, a major cryptocurrency exchange.

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. "We are working on a fix and apologize for any inconvenience".

As of 1:30 p.m. EST Coinbase is still down for most users. Coinbase says it is "monitoring for stability". The company had said for months it would allow withdrawals of bitcoin cash on January 1, 2018, and notify customers of other changes beforehand. The exchange has been at the center of the news after insider trading allegations surfaced. The company said in a blog post it disabled trading because of "significant volatility".

"Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter.If we find evidence of any employee or contractor violating our policies - directly or indirectly - I will not hesitate to terminate the employee immediately and take appropriate legal action".

Other reports by VideoGamingPros

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