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Bitcoin tumbles almost 30 percent in volatile trading

23 December 2017, 01:51 | Melanie Burgess

Bitcoin tumbles almost 30 percent in volatile trading

Our employee trading policy at Coinbase – The Coinbase Blog

For a while, diehard Bitcoin fans had the majority of the world fooled, as the virtual currency was showing no signs of slowing down, but all of that changed this week.

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.

Based on this week's results, it's obvious that Bitcoin has a control over society and whether it is announcing good news or bad news, it is bound to create some sort of domino effect.

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. 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%.

Warnings and red flags piled up for cryptocurrency investors over the past week.

TD Ameritrade, one of the largest retail brokerages in the country, said it would allow clients to begin trading bitcoin futures on the CBOE this week.

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Coinbase, the U.S's largest online crypto exchange, has temporarily halted all transactions during today's dip, after having many delays in transfers. The Coinbase team is reportedly looking into the problem.

Coinbase has struggled in recent months to keep up with high demand.

Coinbase has launched an internal probe to identify whether its employees engaged in insider trading of Bitcoin Cash shortly before the cryptocurrency was officially introduced to the exchange yesterday.

Bitcoin has risen more than 1,000 per cent this year.

On Monday, Denmark's central bank governor called Bitcoin a "deadly" gamble and told investors not to "come and complain to us if it goes wrong".



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