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Bitcoin Sinks To Cap Week Of Warnings, Insider Trading, Bankruptcy

23 December 2017, 01:49 | Gordon Grant

Bitcoin Sinks To Cap Week Of Warnings, Insider Trading, Bankruptcy


Bitcoin cash was created on August 1, when Hong Kong-based digital currency exchange Bitfinex said a group of bitcoin miners would be "forking" from the main bitcoin to create a new version that trades faster and easier.

The markets have just opened, but there is already a lot of news getting pumped out to the world.

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.

Bitcoin was trading at $11,910 United States just before 10 a.m. Friday, according to cryptocurrency tracker coinmarketcap.com, sending the currency down 27 per cent since Thursday. But an afternoon selloff accelerated into the night, and bitcoin dropped more than 30% Friday morning to $10,770 on the exchange. 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%.

That follows an earlier statement from the company that all buys and sells were temporarily disabled.

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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. The Coinbase team is reportedly looking into the problem.

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.

Coinbase has struggled to fully function under high-traffic and volatile moments in the crypto-market.

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. Oldenburg goes on saying that investing in Bitcoin now would be the "riskiest" investment someone could make.

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