The value of bitcoin trading card values in North Dakota plummeted on Tuesday after trading firm DuVernay-based Earthbound Trading Co. (ETC) announced it was halting trading on the virtual currency, citing high trading volume and limited liquidity.
In a statement, ETC said that its card value was falling and that it is suspending trading.
“We believe this is the start of a very important and important transition from a digital asset to a physical asset,” the company said.
ETC said it has issued a warning notice to the cryptocurrency’s largest trading platform Bitcoin.com to halt trading.
“Our card value is going down and we are concerned about its future and how it is going to be utilized in the future,” ETC CEO Mike Kornelius said in the statement.
“The volatility of trading cards, in particular the volatility of the bitcoin market, is very real.
I’m very worried about how it will be used in the near future and if it’s going to continue to be used as an asset.”ETC, which was founded in 2014, has a large presence in North Dakotas oilpatch.
The company said in its statement that its stock has lost roughly 15 percent of its value since it was launched.
The trading card market is a rapidly growing market and has attracted a variety of cryptocurrencies including Ethereum, Litecoin and Dash.
Bitcoin’s price has soared over the past month.
The digital currency, which has a value of $2.5bn at current exchange rates, has been a mainstay of traders trading in the oil and gas industry.
But in recent weeks it has fallen sharply as traders have sought to avoid exposure to volatility in the crypto market.
On Tuesday, the price of one of ETC’s trading cards was down about 3 percent to $2,924.49.
In an interview with CNBC earlier this month, Kornellius said the company would “never, ever be trading digital currency” but had to accept it in order to survive.
“It’s a very real problem,” Kornelius said.
“We’re going to have to start looking at ways of mitigating the exposure, whether it be through technology or something we can do to try and mitigate it.”
There are many other ways we can mitigate it,” he added.
Bitcoin’s price dropped from its peak at around $3,700 to about $1,700 on Tuesday.