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Coinbase - the largest Bitcoin market in the USA - has disabled all buying and selling as the digital currency Bitcoin dramatically loses value.

This isn't the first time Coinbase has been forced to initiate a temporary freeze.

Even though the cryptocurrency started the year at less than $1,000, it rocketed to a record high above $19,800 on Sunday.

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

Since January, the price of the most recognizable cryptocurrency in the world has risen from $998 to almost $20,000 earlier this week.

Bitcoin price surges as futures trading begins
In a major step towards legitimising the virtual currency, the Bitcoin has begun trading on a major United States exchange. The Cboe said at least 20 trading firms "actively participated" in the first day of trading, without giving specifics.

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.

That follows an earlier statement from the company that all buys and sells were temporarily disabled. The company added trading for bitcoin's offshoot bitcoin cash in a rocky rollout this week.

It's valued at about £2,600 per coin, which is much lower than the £11,700 a Bitcoin is being sold for right now. "We are working on a fix and apologize for any inconvenience", Coinbase said on its status website at 11:11 a.m., ET. "All Coinbase employees and contractors were explicitly prohibited from trading Bitcoin Cash and from disclosing our launch plans over a month ago".

Coinbase, the most popular site for cryptocurrency transactions in the US, has suspended all trading activity today amid a crash in cryptocurrency prices.

Stocks such as Riot Blockchain that have soared dramatically on speculation around their connection to bitcoin and its underlying blockchain technology also traded lower Friday morning by double-digits.