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Trading halted on Coinbase - the largest USA crypto exchange - as bitcoin tanks

24 December 2017
Trading halted on Coinbase - the largest USA crypto exchange - as bitcoin tanks

This situation was caused by a trade between the employees and has redeemed the Coinbase, one of the biggest Bitcoin exchanges. However, prices started to plunge once one of the founders of bitcoin.com announced he would sell his stake in the company.

The entire market for digital currencies was under intense pressure with bitcoin trading down 20% on Coinbase's GDAX exchange. However, as a result of technical slowdowns, the exchange was prompted to halt exchanges twice during the day.

Also, CBOE and CME got certain contracts suspended because of this changing of the price.

Ron William, founder and principle market strategist at RW Market Advisory, said the price drop is "very normal", but could lead to other markets feeling the heat if the downward trend continues.

Another issue is that of confidence in the market, with some people being critical of the suspensions that Friday's trading experienced.

On Tuesday, for instance, bitcoin-services company Coinbase announced it would list and support Bitcoin Cash, which is an alternative version of bitcoin that launched on August 1. Forbes goes on to say that insider trading and market manipulation could be possible explanations.

"I see Bitcoin as a "Tulip-mania", as a bubble out of control", said Lars Rhode, head of the Danish Central Bank to the national broadcaster DR.

Financial Conduct Authority also took part in this game and stated that people should be careful and prepare themselves to lose all their Bitcoin savings, just in case.