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

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 toJohn 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.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, its closest competitor, has a market cap of $65.86 billion.Other smaller coins have gotten a boost from bitcoins 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>>SEE ALSO:Ripple overtakes litecoin as 4th largest cryptocurrencyJoin the conversation about this storyNOW WATCH: One market expert says the financial system could collapse at any moment
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