Rocky Debut for Bitcoin Cash on Coinbase/GDAX as Trading Set to Resume

Rocky Debut for Bitcoin Cash on Coinbase/GDAX as Trading Set to Resume”

Bitcoin Cash prices rallied on Tuesday after Coinbase, one of the most popular digital wallet exchanges, had added the cryptocurrency to allow for trading. 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.

Others on Twitter, however, came to Armstrong's defense and said the CEO was clearly not complicit in any insider trading activities. But to users' chagrin, Coinbase rejected Bitcoin Cash, with the company's director of communications writing in a Medium post that "it is hard to predict how long the alternative version of bitcoin will survive".

Bitcoin Cash prices surged to almost $9,000 on Tuesday prior to the announcement going live.

Although Bitcoin remains highly volatile, investors may panic less during short-term price swings if the liquidity of the cryptocurrency improves.

And, within minutes of the announcement, prices of Bitcoin plunged, falling below $17,000 from a high of $19,694 on Sunday (according to Coindesk). 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.

When the Bitcoin "crash" happened earlier in the day, Gemini - the exchange which works with the CBOE on its futures trading - said that they couldn't process transactions due to problems on the blockchain related.

We have been monitoring the Bitcoin Cash network over the last few months and have made a decision to enable full support including the ability to buy, sell, send and receive. Trading resumed at $4,329 Wednesday morning, quickly correcting closer to other BCH exchanges in the $3,300-$3,500 range.

Shortly after trading opened, the price of bitcoin cash rocketed to a high of $8,500, more than double what it had been on Monday. This peculiarity of the split effectively created "new" money, leading some exchanges not to support Bitcoin Cash. Bitcoin Cash is now the third largest cryptocurrency in terms of market capitalization, sitting at more than $29 billion compared to bitcoin's more than $294 billion.

In theory, Coinbase's staff, who were in the know that it was about to add Bitcoin Cash to its exchange, could have profited by buying the cryptocurrency on other exchanges.

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