Coinbase Halts Buying And Selling As Bitcoin Crashes

Tammy Harvey
December 23, 2017

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. NY time that buying and selling was temporarily disabled.

This isn't the first time Coinbase has been forced to initiate a temporary freeze.

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.

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. The CEO of the exchange, Brian Armstrong, claims that employees were "prohibited from trading in bitcoin cash for several weeks".

Coinbase, one of the larger markets for buying and selling bitcoin, announced that all buying and selling has been temporarily disabled.

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.

Bitcoin plunged more than 20 percent to a low of $12,504 according to CoinDesk, down more than $3,000 from $15,820 less than 12 hours ago.

Warnings and red flags piled up for cryptocurrency investors over the past week. The company's status page suggests that "high traffic" led to the outage.

Stocks such as Riot Blockchain that have soared dramatically on speculation around their connection to bitcoin and its underlying blockchain technology also traded lower Friday morning by double-digits.

Other reports by Ligue1talk

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