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21 December 2017, 12:52 | Lionel James
BitcoinPlug Introduces Minimum Purchase Requirement Due to Mounting Bitcoin Network Fees JP Buntinx
Although bitcoin cash was already rising steadily before Coinbase enabled trading of it last night, it was trading at a significant premium on the platform versus the rest of the market.
Bitcoin Cash prices surged to almost $9,000 on Tuesday prior to the announcement going live.
If you look at the average price of Bitcoin Cash on the other major platforms, it now hovers around $3,600-$3,700.
Others on Twitter, however, came to Armstrong's defense and said the CEO was clearly not complicit in any insider trading activities.
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). He also points out that this was stressed to employees in the month leading up to Bitcoin Cash's launch on the platform.
In an earlier blog post, an executive from Coinbase's exchange platform GDAX explained it had cancelled some Bitcoin Cash orders and cleared its order books to "ensure a fair and orderly market".
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The sharp drop earlier today it seems was caused by news that Coinbase - one of the world's largest cryptocurrency exchanges - made a decision to open up its doors to bitcoin cash trading.
"Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter", the Coinbase CEO said in a blog post.
Bitcoin Cash resulted in a split from Bitcoin in August after users had complained that Bitcoin's blockchain was outdated and needed a revamp.
Bitcoin has soared to new highs this month as regulated USA derivatives exchanges in Chicago started trading futures in the unit. Just four minutes after enabling trading of the cryptocurrency on its Global Digital Asset Exchange (GDAX), Coinbase halted it.
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