Coinbase halts trading after volatile bitcoin price fluctuation

What Bitcoin Cash Incident on Coinbase Says about Regulation of Crypto Exchanges

Bitcoin Cash hit a new peak of just over $4,100 on Wednesday as buyers kept pushing the price higher with BTC/BCH switching prominent across a range of cryptocurrency exchanges. 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. Despite the precipitous drop, the price has not stabilized, and is experiencing extreme volatility.

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 said traders would be able to buy and sell the digital currency " once there is sufficient liquidity" on the GDAX exchange, which is owned by Coinbase.

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. Long Island Iced Tea (LTEA) sank 18%, after popping 183% Thursday on news it was getting into blockchain and changing its name to Long Blockchain. Its stock price tripled soon after.

Shares of the money-losing company previously known as Bioptix had risen in recent weeks after it rebranded itself as Riot Blockchain.

Earlier this month, the cryptocurrency joined the financial world's mainstream when Chicago-based CME Group and the Chicago Board Options Exchange began trading bitcoin futures, contracts that allow people to buy and sell assets at a predetermined price at some point in the future. The sudden price drop of Bitcoin remains unclear.

Bitcoin futures makes a big impression on Wall street, as it was traded for the first time Sunday.

UBS has called bitcoin a "speculative bubble" and JPMorgan Chase's CEO Jamie Dimon has said that bitcoin is a "fraud" that "won't end well".

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