Coinbase Halts Buying And Selling As Bitcoin Crashes

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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.

This isn't the first time Coinbase has been forced to initiate a temporary freeze.

It's unclear what led to the dive Friday, but some experts have been highly critical of bitcoin despite its prominent rise and astounding returns, and perhaps because of its notorious volatility.

Cryptocurrency values plunged Friday in a market-wide selloff that reversed highs the volatile sector had reached just days earlier.

Update, 1:44 p.m., according to Coinbase buys and sells have been re-enabled.

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

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. "All Coinbase employees and contractors were explicitly prohibited from trading Bitcoin Cash and from disclosing our launch plans over a month ago".

During the middle of the week, numerous altcoins were making price gains while Bitcoin continued it's bearish descend.

Coinbase, the most popular site for cryptocurrency transactions in the USA, has suspended all trading activity today amid a crash in cryptocurrency prices. The company said on its status website that since last Friday, high transaction volumes were delaying wire transfers. Even this week, he announced that he sold all of his Bitcoin and re-invested it into its counterpart, Bitcoin Cash, instead. The stock closed 11.2% lower at $24.52 a share Friday.