Coinbase suspends trading amid cryptocurrency rout

Virginia Benson

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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.

Back in August, bitcoin split into two, creating Bitcoin Cash, in what's called a "hard fork".

Bitcoin plunged at the end of a rocky week, taking the digital currency below $12,000 and down more than 40 percent from its record high hit Sunday.

Bitcoin was trading at $11,910 U.S. just before 10 a.m. Friday, according to cryptocurrency tracker coinmarketcap.com, sending the currency down 27 per cent since Thursday.

Coinbase announced the news on its site Friday morning. Take Thursday, December 21 for example: after Bitcoin dropped more than 5% in 24 hours, shares of both Bitcoin Trust (OTCMKTS:GBTC) and Riot Blockchain (NASDAQ:RIOT) dropped more than 15%.

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Former Goldman Sachs Group Inc (NYSE:GS) macro trader, Michael Novogratz, said that he is halting his plans of starting a cryptocurrency hedge fund and has a bad feeling that Bitcoin could hit $8,000 soon.

It was only a month ago that it was disclosed that Coinbase had more users than stock brokerage Charles Schwab, and for those reasons and many more, it is surprising to realize that this isn't the first issue the exchange has faced in recent months.

Buys and sells on Coinbase, the largest cryptocurrency exchange in the USA, were disabled for a little over two hours Friday amid a massive cryptocurrency sell-off.

Coinbase has struggled to fully function under high-traffic and volatile moments in the crypto-market. As the Bitcoin bears and sharks begin to circle, these new Bitcoin futures may give them a place to strike.

Bitcoin has risen more than 1,000 per cent this year. Oldenburg goes on saying that investing in Bitcoin now would be the "riskiest" investment someone could make.