Coinbase Goes Down as Bitcoin Plunges

Lucy Hill
December 23, 2017

Bitcoin surged in value over most of 2017. As Russell notes, it's hard to say why this is happening, "in the same way that nobody knows exactly why bitcoin's price has [shot] up from a touch under $1,000 at the start of the year". However, the press now disputes whether Coinbase employees have "benefited" immensely before Bitcoin Cash went live on Coinbase.

It was not immediately clear what caused the digital currency's sudden dive.

Bitcoin futures also tumbled Friday.

"These don't concern me for the long-term because we've seen more and greater issues in the past", said Joe DiPasquale, founder and CEO of BitBull Capital, a cryptofund that invests in other cryptofunds.

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However, bitcoin and bitcoin cash fell Thursday, and losses accelerated in the evening.

Bitcoin's large CME (NASDAQ:CME) futures launched this last Sunday, catapulting its price to almost $20,000 before dropping to a sharp low of $12,504 this morning. 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%. Ethereum is up more than 9,000 percent this year, and litecoin is up more than 6,500%, according to CoinMarketCap.

Ripple, or XRP, was the only major cryptocurrency trading higher on Friday. Even though Bitcoin made its way back to trading close to $12,750 mid-morning, this is still pretty shocking considering it was only last week that the digital currency soared above the $19,800 mark.

Ripple is officially the name of a startup using blockchain technology to develop a payments network for banks, digital asset exchanges and other financial institutions. Its content is produced independently of USA TODAY.

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