Finance

Bitcoin Cash makes waves as it becomes available on Coinbase

Bitcoin Cash makes waves as it becomes available on Coinbase”

Accordingly, per the GDAX blog, BCH order books were scheduled to reopen this morning, December 20, 2017, at 9:00 a.m. PT.

At 11 a.m. PST, trading resumed, with those initial buy orders above $4,000 quickly filled.

- Bitcoin drops around $3,000 since BTC futures were launched on the CME. The price that Coinbase displayed was also nearly triple what was being quoted on other exchanges.

Coinbase CEO Brian Armstrong says the company will investigate allegations of insider trading.

Before Tuesday, the company hosted trading for only Bitcoin, Ethereum, and Litecoin. This peculiarity of the split effectively created "new" money, leading some exchanges not to support Bitcoin Cash.

"We've had a trading policy in place for some time at Coinbase".

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"I take the confidentiality of material non-public information very seriously as CEO". That includes sharing that information with friends and family.

In the lead up to Coinbase announcing support for BCH, it appears that the price of BCH increased substantially on other exchanges.

Insider trading in the run-up to the actual launch is one thing; what happened during the actual launch is another. But, only two minutes later, the exchange paused BCH/USD trading "due to significant volatility". The exchange did this to ensure a "fair and orderly market". So, obviously, when the company changed its tune to support BCH, this was a big deal - for both cryptocurrency markets and politics.

Coinbase added that employees at the venue have been "prohibited from trading in bitcoin cash for several weeks".

Although Bitcoin remains highly volatile, investors may panic less during short-term price swings if the liquidity of the cryptocurrency improves. Users will be able to buy, sell, send, and receive Bitcoin Cash on the platform, shortly. That fork was the result of competing camps in the Bitcoin community wanting to pursue different ways of solving limitations in Bitcoin's underlying technology. Both chains have the exact same history until a particular block was mined on August 1st, but from then on, they went their separate ways. He also points out that this was stressed to employees in the month leading up to Bitcoin Cash's launch on the platform. "All customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account", it wrote in the announcement.



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