Bitcoin Falls More Than 40% and Coinbase Disables Trading

Illustration by Alex Castro  The Verge

Illustration by Alex Castro The Verge

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.

"Due to today's high traffic, buys and sells may be temporarily offline, the comapny said in an alert posted at 11:35 a.m. ET".

Bitcoin was down more than 20% on Coinbase's GDAX exchange at the time of writing. Earlier, the digital currency had fallen as low as $10,400, down 44 percent from its record high hit Sunday.

With that being said, I'm sad to report that it's not just Bitcoin struggling on Friday.

The bitcoin offshoot, bitcoin cash, collapsed, temporarily falling 40 percent Friday to $1,873, after topping $4,000 two days ago, according to Coinbase.

Bitcoin cash was created on August 1 when a group of Bitcoin miners announced that they would be "forking" to create a new currency which makes trading faster and easier.

Christmas forecast for Kilkenny predicts balmy temperatures
And some areas mainly south of Buffalo could be dealing with freezing rain and icy roads for the morning commute on Friday . Another system will try to spin up on Christmas morning, clipping New England with another round of precipitation.

The crash has been so drastic that Coinbase, one of the leading Bitcoin marketplaces, halted buying and selling of the currency on Friday morning.

During the middle of the week, numerous altcoins were making price gains while Bitcoin continued it's bearish descend. The exchange last week became the first in the U.S.to begin trading Bitcoin futures.

Coinbase had disabled buying and selling yesterday at 5:57pm ET according to its status page, but that issue had been resolved within 15 minutes, with no indication of cause.

The outage occurred while major cryptocurrencies were trading in the red.

Stocks such as Riot Blockchain that have soared dramatically on speculation around their connection to bitcoin and its underlying blockchain technology also traded lower Friday morning by double-digits.

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