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Bitcoin tumbles almost 30 per cent in volatile trading

23 December, 2017, 01:08 | Author: Melinda Barton
  • Bitcoin plunges below $11000 in volatile trading on Coinbase as rout accelerates; now down 40 percent from record

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.

"Investigating - All buys and sells have been temporarily disabled".

Bitcoin had rallied to a record high above $19,800 on Sunday and was trading near $15,500 for much of Thursday New York time, according to Coinbase. It was trading back near $12,750 mid-morning Friday.

"The vast majority of long-term holders of bitcoin are still way in the money and have shown no sign of cashing out", Michael Jackson, a partner at venture capital firm Mangrove Capital Partners, said in an emailed comment Friday. Bitcoin is the world's highest-valued currency, as one Bitcoin hit almost $20,000 this December.

Based on this week's results, it's obvious that Bitcoin has a control over society and whether it is announcing good news or bad news, it is bound to create some sort of domino effect.

The latest update on the site's status page, which went up at 11:35am ET, reads, "Due to today's high traffic, buys and sells may be temporarily offline". The CEO of the exchange, Brian Armstrong, claims that employees were "prohibited from trading in bitcoin cash for several weeks".

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.

As of 1:30 p.m. EST Coinbase is still down for most users.

Ripple, or XRP, was the only major cryptocurrency trading higher on Friday.

During the middle of the week, numerous altcoins were making price gains while Bitcoin continued it's bearish descend.

Coinbase, the biggest platform for buying and selling bitcoin, announced on Wednesday that it will be supporting Bitcoin Cash. The stock closed 11.2% lower at $24.52 a share Friday.



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