Bitcoin tumbles almost 30 percent in volatile trading

Bitcoin tumbles almost 30 percent in volatile trading

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.

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 wasn't the only currency hit by a sharp drop.

Shares of Long Island Iced Tea had soared Thursday after the New York-based beverage company announced it would rebrand and refocus on blockchain technology, a digitized ledger of all cryptocurrency transactions.

Bitcoin futures were also down on Friday. The CEO of the exchange, Brian Armstrong, claims that employees were "prohibited from trading in bitcoin cash for several weeks".

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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.

Earlier on Tuesday, traders on Twitter alleged that news of Coinbase's launch of bitcoin cash support had been leaked before the official announcement.

"Due to today's high traffic, buys and sells may be temporarily offline", Coinbase's online status page cautioned shortly before noon EST, adding that the market was "working on restoring full availability as soon as possible".

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.

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

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