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22 December 2017, 12:54 | Vickie Mathis
Classic Bubble Price Action Source Dr. Jean Paul Rodrigue Dept. of Global Studies and Geography Hofstra University
"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. Until yesterday, Coinbase only participated in three markets - Bitcoin, Ethereum, and Litecoin. This peculiarity of the split effectively created "new" money, leading some exchanges not to support Bitcoin Cash.
Shortly after the kickoff, the price skyrocketed, with Coinbase's online exchange GDAX showing quotes as high as $US9,500 ($12,400), more than triple what Bitcoin Cash trades at on other exchanges. Coinbase insisted it operates a strict insider trading policy. But, only two minutes later, the exchange paused BCH/USD trading "due to significant volatility". Your Bitcoin Cash balance will reflect your Bitcoin balance at the time of the Bitcoin Cash Fork, which occurred at 13:20 UTC, August 1, 2017.
Compounding the day of bad news in the crypto world, a South Korean exchange on Tuesday said it was shutting down and filing for bankruptcy after being hacked for the second time this year, highlighting concerns about security as trade in bitcoin and other virtual currencies boom. "Bitcoin has faced a lot of scaling issues with the block sizes and so on, so I think bitcoin cash has solved a lot of these issues and is a strong, legitimate contender to be more widely used".
Coinbase confirmed that users will be able to buy Bitcoin Cash using all of its supported fiat currencies: USD, EUR, GBP, CAD, AUD, and SGD.
Coinbase users have always been calling for the platform to add Bitcoin Cash, now the world's third-biggest cryptocurrency, to its roster after it initially shunned the launch of the offshoot cryptocurrency in August. "The problem is that @brian_armstrong chose to launch Bitcoin Cash secretly and abruptly giving their employees a huge incentive to do so".
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. An account for Whalepool, which describes itself as a community of day traders focused mainly on bitcoin and other cryptocurrencies, commented, "Very unusual accumulation and pump on Bcash in the hours leading up to the @Coinbase BCH add". As smaller miners become overburdened financially, they turn to Bitcoin Cash, or the "second Bitcoin", analysts say.
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