Bitcoin Cash makes waves as it becomes available on Coinbase

Dec 22, 2017, 00:54
Bitcoin Cash makes waves as it becomes available on Coinbase

Leading U.S. cryptocurrency platform Coinbase added trading for bitcoin cash this week, in a rocky rollout that shows the growing pains of the digital currency exchange industry. Because of the curious price increase for BCH ahead of Coinbase's announced support, the company has determined to undertake an investigation into the matter.

And while GDAX appears to be out of the woods (for now) on the bitcoin cash side, a new update to the parent company's status page indicates that customers of the flagship service could experience delays on their bank wires.

Bitcoin is facing a major threat as a cloned cryptocurrency that shares its name and many of its key features launched on one of the largest cryptocurrency exchanges, sending Bitcoin prices tumbling.

Bitcoin's price plummeted to as low as $15,800, reported Bitstamp and to as low as $16,484 on Coinbase, a 12 percent decline.

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"If we find evidence of any employee or contractor violating our policies - directly or indirectly - I will not hesitate to terminate the employee immediately and take appropriate legal action", wrote CEO Brian Armstrong in a blog post Wednesday (20 December). The policy prohibits employees and contractors from trading on 'material non-public information, ' such as when a new asset will be added to our platform.

Bitcoin cash was created as an offshoot of the original bitcoin in August.

Bitcoin cash emerged earlier this year amid a split between factions in the cryptocurrency space over proposed software upgrades to the blockchain technology underpinning Bitcoin.

We have been monitoring the Bitcoin Cash network over the last few months and have chose to enable full support including the ability to buy, sell, send and receive.

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According to media reports, Coinbase fears its own workers might have exploited the exchange's foray into the cryptocurrency.

Some experts claim "FOMO" or the "Fear of Missing Out" could be one of the biggest reasons for investors to buy Bitcoin Cash at a price as high as $8500. While Bitcoin Cash traded elsewhere in the $3,000-$3,500 range, it skyrocketed to $9,500 at Coinbase, when trading was halted. GDAX said all of its Bitcoin Cash markets would remain offline until noon Wednesday, Eastern Time.

Users who had Bitcoin in Coinbase at the moment of the fork will now see their Bitcoin Cash in their Coinbase account.

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