Coinbase now supports Bitcoin Cash, but the inclusion wasn't without some drama
Early last night, Coinbase announced that they would add support for Bitcoin Cash.
This wasn't new news, but this addition was much earlier than originally expected.
A few months back Coinbase announced that they would be adding support for Bitcoin Cash come January 2018.
Apparently they decided to up the schedule on that by a few weeks.
If you logged into coinbase at any point over the past few days, you likely saw a message that looked something like this:
Like all things in life, it didn't go quite as well as planned...
When Coinbase first opened Bitcoin Cash for trading it immediately shot up in price.
Way up.
Before anyone really knew what happened, Bitcoin Cash was trading around $8,500 per coin.
Yes you read that right, $8.5k!
Oops!
Trading was immediately halted and all orders were cancelled and the books cleared.
In response, Coinbase/GDAX put this message out:
Trading stayed halted for some time before Coinbase could sort things out and get Bitcoin Cash to open more "normally".
There have been several halts since the launch, but Bitcoin Cash is now trading normally on Coinbase and it has seen a massive surge in price over the past 24 hours.
As I type this, Bitcoin Cash is now over $4k while it was trading for around $1600 just a few short days ago.
Most of the altcoin market has been on a tear these past few days, but Bitcoin Cash is even outdoing the others.
Possible Insider Trading?
I would imagine many that knew Bitcoin Cash was going to be added to Coinbase bought in anticipation of this price runup.
In fact, in news out within the last couple hours, Coinbase announced they are investigating reports of insider trading having to do with their launch of Bitcoin Cash.
More on that can be read here:
http://fortune.com/2017/12/20/coinbase-bitcoin-insider-trading/
Things that make you go hmmm...
Another day, another cryptocurrency drama filled morning.
Stay informed my friends.
Sources:
https://www.cnbc.com/2017/12/20/coinbase-to-investigate-bitcoin-cash-price-rise-insider-trading.html
Image Sources:
https://www.thetechfreaks.com/?p=964048
https://twitter.com/coindesk/status/943312054248763392
https://twitter.com/GDAX/status/943307603760648193
Follow me: @jrcornel
There is so much going on and so many translations are delayed
They added BCH to their API some few days ago, so it was no surprise that it would be added - though the timing was a bit of a surprise indeed.
The insider trading suit seems frivolous to me. This reminds of when Bitfinex tried to sue Wells Fargo for blocking their accounts and then retracted later.
Even if someone from Coinbase was buying ahead of the news, it most likely would have been done on offshore exchanges that don't do KYC, through TOR or some other masking service.
Not gonna catch 'em anyways!!
Even if they were, is there anything wrong with that? These exchanges are not regulated by the SEC are they?
I'm sure one of the many useless, corrupt federal agencies will step up to claim jurisdiction at some point.
I hate bitcoin cash, it takes away from the alt market and bitcoin.
thats a poor reason to hate something.
:((((
It doesn't take away, it improves bitcoin
Coinbase has been backed up for weeks now with excessive traffic overloading their servers and backing their systems up. I also heard one reason there are a lot of delays is due to the limitations on the amount of ACH bank transfers that can be transmitted by one party all due to the massive increase in subscribers and people trying to trade on the platform.
I bought BCH for 2300 yesterday and sold it for 3400, it can go up to 8k in 1-2 weeks
bitcoin cash is growing with some shady tactics, I'm afraid they finally succeed on killing bitcoin and take it's place
This is good news for all bitcoin cash holder😁😁😁
Yeah, but bad news for those looking to buy now - luckily I got in yesterday morning out of sheer luck! Also, heard it only took 4 minutes to crash on Coinbase - can't wait to see if there was actually insider trading going down. That would really hurt crypto's public image right now.
This is even more good news, for those who HODL Bitcoins, on Coinbase. They have been waiting for this for a long time. :)))
Thank god I use bittrex ,... hope you managed to get som BCH !
nice post