Coinbase suspends trading amid cryptocurrency rout

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Bitcoin fell more than 10 percent on Wednesday to a one-week low of $15,800 at cryptocurrency exchange Bitstamp, losing nearly one-fifth of its value from a peak hit just three days ago. "All buys and sells have been temporarily disabled".

Meanwhile, the mass sell-off appears to have forced the popular digital currency exchange, Coinbase, to go down for short stretches on Friday. CME Group (CME) futures fell 20% to $12,265, and Cboe Global Markets (CBOE) futures were down 20% at $12,210 before trading was halted. 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.

As the Bitcoin bears and sharks begin to circle, these new Bitcoin futures may give them a place to strike.

Based on this week's results, it's obvious that Bitcoin has a control over society and whether it is announcing good news or bad news, it is bound to create some sort of domino effect.

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It was only a month ago that it was disclosed that Coinbase had more users than stock brokerage Charles Schwab, and for those reasons and many more, it is surprising to realize that this isn't the first issue the exchange has faced in recent months.

On its status website, Coinbase said that the freeze was caused by high traffic. The two countries had dominated trading volume for major cryptocurrencies in the last several months.

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. 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.

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