Coinbase halts Bitcoin Cash transactions amidst accusations of insider trading

Share

Chances are that if Bitcoin gets brought up in conversation, that conversation will go one or two ways: either the people discussing it will love it or they will hate it; either they will want to invest all of their money in the digital currency or they will argue that it is a speculative bubble.

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

Bitcoin's large CME (NASDAQ:CME) futures launched this last Sunday, catapulting its price to almost $20,000 before dropping to a sharp low of $12,504 this morning.

Let's start with the first major shock of the day: after reaching an all-time high on December 10, Bitcoin plummeted Friday morning, dropping to a low of $10,400 on the Coinbase exchange.

Bitcoin was trading at $11,910 USA just before 10 a.m. Friday, according to cryptocurrency tracker coinmarketcap.com, sending the currency down 27 per cent since Thursday.

Deaths reported after major train derailment in Washington State
Sheriff's spokesman Ed Troyer said no motorists were killed but several were injured when carriages struck vehicles. The train was reportedly travelling at more than 80 miles per hour when it derailed.

Bitcoin futures were also down on Friday.

"All buys and sells have been temporarily disabled".

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. The Coinbase team is reportedly looking into the problem.

The entire market for digital currencies was under intense pressure with bitcoin trading down 20% on Coinbase's GDAX exchange. According to a recent interview, Bitcoin.com co-founder and CTO Emil Oldenburg is said to have sold all of his Bitcoin and switched into Bitcoin Cash, saying that Bitcoin's current performance was unacceptable with slow confirmation times and high performance fees devaluing the token. Although Bitcoin Cash has seen less extreme growth in valuation than Bitcoin, which skyrocketed past $15,000 per coin this month, Bitcoin Cash's value has steadily risen. I addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed decisions.

Share