Coinbase Halts Buying And Selling As Bitcoin Crashes

Randall Padilla
December 23, 2017

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.

The markets have just opened, but there is already a lot of news getting pumped out to the world.

Coinbase - the largest Bitcoin market in the USA - has disabled all buying and selling as the digital currency Bitcoin dramatically loses value. After reaching a price of almost $20,000 per Bitcoin over the past weekend, the price of the cryptocurrency is now down to $12,919 on the Coinbase exchange at the time of writing, marking the obliteration of more than a third of its total value in less than a week. After reaching a peak last Sunday, investors are now taking a "cold shower" with the decreasing price of the digital currency.

The original bitcoin, meanwhile, fell more than 9% on Wednesday to $16,680, according to Coinbase.

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.

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

Hot on the heels of bitcoin dropping over 20 percent in value this morning, buying and selling is once again no longer available on the bitcoin exchange Coinbase for the second time this week. The Coinbase team is reportedly looking into the problem.

Former Goldman Sachs Group Inc (NYSE:GS) macro trader, Michael Novogratz, said that he is halting his plans of starting a cryptocurrency hedge fund and has a bad feeling that Bitcoin could hit $8,000 soon.

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

Other reports by AllAboutTopnews

Discuss This Article

FOLLOW OUR NEWSPAPER