Bitcoin Sinks To Cap Week Of Warnings, Insider Trading, Bankruptcy

23 December, 2017, 01:08 | Author: Valerie Burke
  • Bitcoin plunges below $11000 in volatile trading on Coinbase as rout accelerates; now down 40 percent from record

The world's largest and best-known digital currency was priced at $12,900 just after noon EST, down approximately 17.6% since Thursday, according to data at Coinbase, one of the largest bitcoin markets.

Update: As of 1:44PM Eastern Time, buying and selling bitcoin on Coinbase has been re-enabled.

Cryptocurrency values plunged Friday in a market-wide selloff that reversed highs the volatile sector had reached just days earlier. The CME bitcoin futures expiring in January, which launched Sunday, reached "limit down", falling almost 20 percent to $12,265 in morning trading before recovering slightly to $12,760.

Shares of Long Island Iced Tea had soared Thursday after the New York-based beverage company announced it would rebrand and refocus on blockchain technology, a digitized ledger of all cryptocurrency transactions.

As the Bitcoin bears and sharks begin to circle, these new Bitcoin futures may give them a place to strike.

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Despite the change in direction, Long Blockchain says it'll continue selling its series of iced teas and lemonades. In other words, Long Island Iced Tea Corp. hopes to one day become a crypto powerhouse.

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Coinbase said traders would be able to buy and sell the digital currency " once there is sufficient liquidity" on the GDAX exchange, which is owned by Coinbase. The CEO of the exchange, Brian Armstrong, claims that employees were "prohibited from trading in bitcoin cash for several weeks". A mere month ago, Bitcoin was trading about $6,000.

The outage occurred while major cryptocurrencies were trading in the red.

"Bitcoin is nothing more than crypto-tulip bulbs", Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness, told the Journal.

Coinbase had disabled buying and selling yesterday at 5:57pm ET according to its status page, but that issue had been resolved within 15 minutes, with no indication of cause.

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