Bitcoin transaction temporarily disabled on Coinbase, one of biggest digital currency market

Bitcoin transaction temporarily disabled on Coinbase, one of biggest digital currency market

Bitcoin transaction temporarily disabled on Coinbase, one of biggest digital currency market

Bitcoin fell more than 10 percent on Wednesday to a one-week low of $15,800 at cryptocurrency exchange Bitstamp, losing nearly one-fifth of its value from a peak hit just three days ago. The exchange has been at the center of the news after insider trading allegations surfaced. A mere month ago, Bitcoin was trading about $6,000. That includes sharing that information with friends and family.

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. The price of Bitcoin Cash is rising, while the price of its "parent" - decreasing constantly these several days.

The value of Bitcoin, the world's largest cryptocurrency, has fallen over -15 percent today, down nearly 30 percent from its record high of almost $20,000 reached earlier in the week.

Coinbase's swift shutdown of Bitcoin Cash support came in the midst of many on Twitter raising suspicions last night about the unusual spike of Bitcoin Cash prices. The fork was backed by one bitcoin group that wanted to combat bitcoin's high transaction fees and the size limit that made mining larger blocks of data invalid.

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- Bitcoin Cash (BCH) offers cheaper fees and faster transaction times, adding to the coin's allure.

Coinbase, the most popular site for cryptocurrency transactions in the USA, has suspended all trading activity today amid a crash in cryptocurrency prices.

Considering we are approaching the new year, I'm sure those who have invested in Bitcoin did not want to have these sorts of worries going into 2018. It's now worth around $4,154, up from $1,500 last month.

This is a breaking story and we will update it as more information becomes available.

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