Largest US Bitcoin exchange halts trading as cryptocurrencies plummet

Bitcoin Taking A Bath In Trading

Largest US Bitcoin exchange halts trading as cryptocurrencies plummet

A physical gold bitcoin on a red background.

Just after midnight Eastern Time on Friday, the cryptocurrency was valued at a little over $15,000, on the digital currency exchange Coinbase. It was trading at $12,650, down from an all-time high above $19,000 earlier this week.

At approximately 11:11 a.m. ET, Coinbase said "all buys and sells have been temporarily disabled", according to the exchange's status page. "All buys and sells have been temporarily disabled".

At its lows, bitcoin had fallen 47 percent in just five days and lost about $9,400. The digital currency recovered slightly to $13,545, as of 4:09 a.m., ET, but was still down nearly 13% for the session.

As the Bitcoin bears and sharks begin to circle, these new Bitcoin futures may give them a place to strike. Markets were still open for trading.

Bitcoin's value has surged over the past few months, but has been correcting back downward this week and experienced a significant drop in value today. The futures were last trading 17 percent lower.

Coinbase announced the news on its site Friday morning. Bitcoin cash recovered to trade near $2,200 in mid-morning trading. The CEO of the exchange, Brian Armstrong, claims that employees were "prohibited from trading in bitcoin cash for several weeks". The company had said for months it would allow withdrawals of bitcoin cash on January 1, 2018, and notify customers of other changes beforehand.

As of 1:30 p.m. EST Coinbase is still down for most users.

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

It was not immediately clear what caused the digital currency's sudden dive.

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