Subscribers can now buy, sell, send and receive Bitcoin Cash on Coinbase

by Susie Olson December 22, 2017, 0:55
Subscribers can now buy, sell, send and receive Bitcoin Cash on Coinbase

The price of bitcoin swung wildly on Wednesday morning after Coinbase, the largest bitcoin exchange in the United States, announced on Tuesday that it was now offering bitcoin cash, an offshoot of the most popular cryptocurrency that was "born" from a hard fork in August. Now, an investigation is underway.

Reacting to the suspicion of fishiness, Armstrong said on the company blog: "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".

Charlie Lee denied any connection, stating he only sold for convenience. The Bitcoin Cash markets will most likely sort themselves out as traders decide exactly how much value trading at Coinbase does or does not bring to BCH.

And yet more and more skeptics believe it was the inside information, and not the intrinsic qualities of BCH, that made the price spike possible. Once paused, we cancelled resting orders and cleared all BCH order books. Analysts attributed the plunge to an influx of funds to Bitcoin Cash.

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Armstrong notes that Coinbase has strict confidentiality policies and doesn't allow for insider trading.

While Coinbase briefly enabled orders to be posted in U.S. dollars on its platform for more sophisticated traders, it suspended the facility after two minutes due to 'significant volatility, ' the company said in a blog post. "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. Coinbase suspended trading as cryptocurrency market watchers began to voice concerns that company employees could have been behind the price climb.

"I take the confidentiality of material non-public information very seriously as CEO". As smaller miners become overburdened financially, they turn to Bitcoin Cash, or the "second Bitcoin", analysts say.

Four hours into Bitcoin Cash's whirlwind debut on the platform, Coinbase temporarily ceased transactions for the cryptocurrency until around noon, leading to additional indignation on Twitter. This was communicated multiple times via multiple channels to employees. As such, he is taking the investigation into insider trading extremely seriously.

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