Coinbase halts trading after volatile bitcoin price fluctuation

Bitcoin and Bitcoin Cash- The Battle Continues

Bitcoin and Bitcoin Cash- The Battle Continues

In order to secure the sizeable fortune we assume he must have amassed by now, since he seems to have caught onto Bitcoin much earlier than the rest of, Oldenburg shifted his virtual money to a different cryptocurrency - Bitcoin Cash.

Bitcoin is down nearly 30 percent this morning, one of its biggest drops this year.

Bitcoin was trading at $11,910 just before 10 a.m. EST Friday, according to cryptocurrency tracker coinmarketcap.com, sending the currency down 27 percent since Thursday.

Coinbase fears its own workers may have exploited its move into Bitcoin Cash - a spin-off of the original Bitcoin. Many suggested that Coinbase employees, in anticipation of the launch, may have bought the cryptocurrency at lower prices on other exchanges, anticipating a price spike following the announcement.

Following the suspension of trading, Coinbase CEO Brian Armstrong released a blog post which addressed the rising cries of foul play among investors.

However, many exchanges, including Coinbase, initially refused to support the innovation, casting doubt on its prospects.

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

"The policy prohibits employees and contractors from trading on 'material non-public information, ' such as when a new asset will be added to our platform", he said.

So then why would the man behind one of the most influential voices in Bitcoin right now sell off his share? When Coinbase launched Bitcoin Cash at 17:20 PST (01:20 BST) it was valued at about United States dollars 3,500 per coin. Another company, in Britain, appended blockchain to its name in October and saw its stock price rise almost 400 percent.

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.

Coinbase has yet to give a full explanation but has said that it intends to reopen Bitcoin Cash.

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