Sunday, 21 January, 2018

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

Bitcoin plunges below $11000 in volatile trading on Coinbase as rout accelerates; now down 40 percent from record Bitcoin transaction temporarily disabled on Coinbase, one of biggest digital currency market
Jeannie Matthews | 23 December, 2017, 01:09

While it would be easy to infer that the price fluctuation of bitcoin is the reason for the trading stoppage on the popular digital currency exchange, but Coinbase said it has to do with "today's high traffic".

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

That follows an earlier statement from the company that all buys and sells were temporarily disabled.

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.

With that being said, I'm sad to report that it's not just Bitcoin struggling on Friday.

Bitcoin wasn't the only currency hit by a sharp drop.

WannaCry cyberattack: USA says it has evidence North Korea was 'directly responsible'
We are not alone with our findings, either. "Stopping malicious behavior like this starts with accountability", Bossert said. The attack was eventually stopped by a British hacker who discovered a " kill switch " in the code that disabled the virus.

Coinbase announced the news on its site Friday morning.

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.

Bank of Japan Governor Haruhiko Kuroda called the surge in bitcoin prices "abnormal" at a media conference on Thursday.

Yesterday, Bitcoin Cash jumped to $8,500 on Coinbase's exchange on Tuesday afternoon, hours before the San Francisco-based exchange launched trading in bitcoin cash. This week's losses in the cryptocurrency world represent a major test for the blockchain and cryptocurrency community.

Coinbase is the leading US platform for buying and selling major digital currencies, and also operates an exchange for institutional investors called GDAX.

Stocks such as Riot Blockchain that have soared dramatically on speculation around their connection to bitcoin and its underlying blockchain technology also traded lower Friday morning by double-digits.

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