Coinbase trading is down after Bitcoin price plunges

Coinbase trading is down after Bitcoin price plunges

One of the largest bitcoin exchanges and wallets, Coinbase Inc., has suspended trading in the wake of an nearly 35 percent drop in market value for the digital currency in the past 24 hours or so.

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

Meanwhile, the mass sell-off appears to have forced the popular digital currency exchange, Coinbase, to go down for short stretches on 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.

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Bitcoin, the cryptocurrency that has soared in value this year, plunged below $11,000 Friday morning, sinking by almost half from a record high it hit less than a week ago.

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.

Coinbase, one of the biggest cryptocurrency marketplaces, said later Friday that trading in Bitcoin may be offline because of high traffic.

As of 1:30 p.m. EST Coinbase is still down for most users. The two countries had dominated trading volume for major cryptocurrencies in the last several months.

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Bitcoin surged in value over most of 2017.

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.

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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