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Coinbase halts trading after volatile bitcoin price fluctuation

23 December 2017

The value of bitcoin tumbled almost 30 percent during a volatile session Friday, testing investors who have recently sent the cryptocurrency to astronomical heights and marking a major drop for the largest virtual currency in a highly volatile market.

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

Bitcoin cash was created on August 1, when Hong Kong-based digital currency exchange Bitfinex said a group of bitcoin miners would be "forking" from the main bitcoin to create a new version that trades faster and easier.

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On Thursday, Coinbase had temporarily disabled trading at 5:57 p.m. ET, according to its status website.

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Bitcoin wasn't the only currency hit by a sharp drop. In an update shortly after, it said that, due to high traffic, buys and sells were still disabled, as the service worked to restore availability.

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Coinbase, the biggest platform for buying and selling bitcoin, announced on Wednesday that it will be supporting Bitcoin Cash.

It's valued at about £2,600 per coin, which is much lower than the £11,700 a Bitcoin is being sold for right now.

Bitcoin tumbled more than 25% to below $12,000 Friday, after topping $20,000 on Sunday, to cap off the worst week for the cryptocurrency since 2013, amid a flurry of warnings from central banks and an insider trading probe at a key exchange. The two countries had dominated trading volume for major cryptocurrencies in the last several months. The stock closed 11.2% lower at $24.52 a share Friday.

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Coinbase halts trading after volatile bitcoin price fluctuation