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Bitcoin slumps below $16,000, futures trading halts temporarily

Graham Rapier
Updated
Bitcoin price
Bitcoin price

Markets Insider

  • Bitcoin briefly slumped below $16,000 on Wednesday.

  • The dip triggered a temporary pause of futures trading.


Just days after crossing the $17,000 mark, bitcoin briefly slumped below $16,000 per coin on Wednesday.

The spike in volatility triggered a two minute halt to bitcoin futures trading on Cboe Global Markets’ exchange, which launched bitcoin futures on Sunday, according to John Spallanzani at GFI Group. The new product allows bitcoin bears to actively bet against the cryptocurrency. Cboe has so-called circuit breakers to dampen volatility in periods of wild trading. 

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Before Wednesday, the launch of futures trading had given bitcoin yet another boost, with the cryptocurrency climbing 6% since Sunday. 

Bitcoin still has a stranglehold on the cryptocurrency market, with a total capitalization of $274.6 billion. Ethereum, it’s closest competitor, has a market cap of $65.86 billion.

Other smaller coins have gotten a boost from bitcoin’s surge in popularity. Ripple, the fourth largest cryptocurrency, which is designed for bank transfers, has seen its value rise 49% over the past 24 hours and passed litecoin to take fourth place in cryptocurrency market cap. 

Bitcoin is down about 4.78% on Wednesday, near $16,450. It's up 1,505% this year.

You can watch Bitcoin's price in real-time here>>

NOW WATCH: Here's what bitcoin futures could mean for the price of bitcoin

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SEE ALSO: Ripple overtakes litecoin as 4th largest cryptocurrency