Bitcoin Plummets During Day of High Volatility Trading
Shares of Bitcoin plummeted on Friday. The Verge News Writer Shannon Liao explains the factors driving the price down for this cryptocurrency.
On Friday Coinbase temporarily disabled its platform amid a price rout in the cryptocurrencies. Liao says one theory for the sell off is investors looking to cash out now before the bubble bursts.
Earlier this week Coinbase also halted transactions for Bitcoin Cash after accusations of insider trading surfaced on Twitter. Coinbase CEO Brian Armstrong published the company's employee trading policy on Medium in light of the accusations. "We have no indication of any wrongdoing at this time," said Armstrong.
Shares of Litecoin also plummted this week after the cryptocurrencies founder cashed out. This week shares of Litecoin are down more than 6 percent. Meanwhile, several companies are looking to capitalize on the cryptocurrency craze. This week beverage maker Long Island Iced Tea announced it changed its name to Long Blockchain Corp. Shares of the company jumped 200 percent after the announcement.
Sam Bankman-Fried co-founded the FTX crypto exchange in 2019 and quickly built it into the world’s second most popular place to trade digital currency. It collapsed almost as quickly — by the fall of 2022, it was bankrupt.
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