Cryptocurrency values plunged Friday in a market-wide selloff that reversed highs the volatile sector had reached just days earlier.
A new kind of digital dosh called Bitcoin Cash is gaining mainstream acceptance and is now available to buy and sell through Coinbase, a major cryptocurrency exchange. The CME bitcoin futures expiring in January, which launched Sunday, reached "limit down", falling almost 20 percent to $12,265 in morning trading before recovering slightly to $12,760. Despite the precipitous drop, the price has not stabilized, and is experiencing extreme volatility.
Bitcoin tumbled more than 25% to below $12,000 Friday, after topping $20,000 on Sunday, to cap off the worst week for the cryptocurrency since 2013, amid a flurry of warnings from central banks and an insider trading probe at a key exchange. On Tuesday, Coinbase surprised many by announcing it was launching trading in the bitcoin offshoot, bitcoin cash.
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As of 1:30 p.m. EST Coinbase is still down for most users. "We are working on a fix and apologize for any inconvenience", Coinbase said on its status website at 11:11 a.m., ET. By that point, it had declined more than $6,000 from its short-term peak the morning before, having lost more than one-third of its value.
The outage occurred while major cryptocurrencies were trading in the red.
"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. The stock closed 11.2% lower at $24.52 a share Friday.