Bitcoin plunges almost 35%, prompting Coinbase exchange to suspend trading

Image AFP  Getty Images

Image AFP Getty Images

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.

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.

Coinbase - the largest Bitcoin market in the US - has disabled all buying and selling as the digital currency Bitcoin dramatically loses value.

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Buys and sells on Coinbase, the largest cryptocurrency exchange in the U.S., were disabled for a little over two hours Friday amid a massive cryptocurrency sell-off. So, what can happen, analysts say, is that we can see Bitcoin trading again at around $20,000 very soon.

At approximately 11:11 a.m. ET, Coinbase said "all buys and sells have been temporarily disabled", according to the exchange's status page.

It has been an interesting few weeks for Coinbase. Long Island Iced Tea (LTEA) sank 18%, after popping 183% Thursday on news it was getting into blockchain and changing its name to Long Blockchain. Users were convinced this week that Coinbase was involved in insider trading.

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The crash has been so drastic that Coinbase, one of the leading Bitcoin marketplaces, halted buying and selling of the currency on Friday morning.

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. The company said in a blog post it disabled trading because of "significant volatility". "If we find evidence of any employee or contractor violating our policies - directly or indirectly - I will not hesitate to terminate the employee immediately and take appropriate legal action".

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