Largest Bitcoin exchange temporarily halts buying and selling amid price mini-crash

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Updated December 23, It capped a brutal week that had been touted as a new era of mainstream trading for the volatile digital currency when bitcoin futures debuted on CME Group Inc, the world's largest derivatives market on Sunday. The steep fall bled into the US stock market, where shares of companies that have recently lashed their fortunes to bitcoin or blockchain — its underlying technology — took a hard knock in early trading.

In the futures market, bitcoin one-month futures on Cboe Global Markets were halted due to the steep price drop, while those trading on the CME hit the limit down threshold.

Warnings about the risks of bitcoin exchanges largest shark in the unregulated market have increased — Denmark's central bank governor called it a "deadly" gamble — and there have been worries about the security of exchanges on which cryptocurrencies are bought and sold. South Korean cryptocurrency exchange Youbit said on Tuesday it is shutting down and is filing for bankruptcy after it was hacked for the second time this year.

Coinbase, a US company that runs one of the biggest exchanges and provides digital "wallets" for storing bitcoins, said on Wednesday it would investigate accusations of insider trading, following a sharp increase in the price of a bitcoin spin-off hours before it announced support for it.

First posted December 23, If you have inside knowledge of a topic in the news, contact the ABC. ABC teams share the story behind the story and insights into the making of digital, TV and radio content. Read about our editorial guiding principles and the enforceable standard our journalists follow.

You've probably heard her story, what happened in the laneway behind a Kings Cross nightclub. Now she's speaking publicly for the first time as a warning to others. There's never been a better time for tax reform. But as governments have tried and stumbled over the years the burden has shifted to individual taxpayers and the latest budget looks no different. Talk about fortuitous timing. There's an election looming and a budget situation — bitcoin exchanges largest shark portrayed as a disaster — suddenly on the mend.

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This section was produced by the editorial department. The client was not given the opportunity to put restrictions on the content or review it prior to publication. December 22, 2: Other cryptocurrencies also tumbled, ethereum dropped as much as 36 per cent and litecoin slumped as much as 43 per cent, according to composite prices on Bloomberg. Commodity Futures Trading Commission agreed to allow trading in bitcoin futures.

For the week, the decline is as much as 39 per cent. The price of the digital coin had more than doubled in the prior three weeks. Both will be closely watching the outcome of the current selloff. Traders who bought the currency on futures exchanges using collateral may start facing margin calls following the price decline. Two venues launched products in recent weeks that required hefty security, with Cboe needing 44 per cent to clear contracts, and the CME 47 per cent.

Brokers set safety nets even higher. Many of the recent news stories and market moves connected to cryptocurrencies appear to carry hallmarks of the mania phase of a bubble. Long Island Iced Tea Corp. Still, cryptocurrencies are attracting established players. Goldman Sachs Group Inc. The bank aims to get the business running by the end of June, if not earlier, two of the people said.

Samuel Potter and Eddie van der Walt. Bitcoin is a terrible currency. So what exactly is it good for? Bears are casting doubt on the value of the virtual assets. Premier John Horgan's pension. David McKay says Canada is at risk of getting left behind by the U. Find Financial Post on Facebook.