Coinbase Down: As Bitcoin Price Falls, Exchange Temporarily Halts Buying, Selling

Coinbase Down: As Bitcoin Price Falls, Exchange Temporarily Halts Buying, Selling

Coinbase Down: As Bitcoin Price Falls, Exchange Temporarily Halts Buying, Selling

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.

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. The notable price drop amounted to a almost $4,000 dive since market open, and was far below its all-time high, which came earlier this month at $19,783, according to CoinDesk, a virtual currency news site.

Bitcoin traded about 18 percent lower near $12,800 on Coinbase as of 11:39 a.m. ET.

"Due to today's high traffic, buys and sells may be temporarily offline", Coinbase's online status page cautioned shortly before noon EST, adding that the market was "working on restoring full availability as soon as possible". After reaching a peak last Sunday, investors are now taking a "cold shower" with the decreasing price of the digital currency. 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. Some businesses, hoping to seize on the bitcoin mania, have changed their names to include the word blockchain, the technology that undergirds the virtual currency. The sudden price drop of Bitcoin remains unclear.

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The contract was last at $18,805, below the $19,500 reference price set by the exchange for the January contract. It makes more sense to sell short when there are clear signs of a steep decline that is continuing.

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

On Thursday, the beverage company Long Island Iced Tea said that it's renaming itself Long Blockchain.

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

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.

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