"We’re excited to announce that customers will be able to buy, sell, send and receive Bitcoin Cash on Coinbase."
Coinbase further added that all those customers who held Bitcoin balance on Coinbase at the time of the fork (1st Aug 2017) will get a 1:1 ratio of Bitcoin Cash available in their Coinbase account.
On it's platform Coinbase users could trade Bitcoin Cash's through all their supported fiat currencies such as USD, EUR, GBP, CAD, AUD and SGD.
Also, they gave a clarification by stating:
"Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks."
Bitcoin Cash Trades Halted
In strange turn of events, the Bitcoin Cash trades were halted, almost immediately at 17:24 PST, within 4 minutes of its opening trade, which was made at 17:20 PST.
GDAX updated through their official status blog:
"All BCH markets will remain cleared and offline until 9am PST 12/20/17. At that time, BCH markets will enter post-only mode for a minimum of one hour to allow liquidity to be established."
Reasons For Halt
Many have started to raise some imposing questions. Serious "insiders trading" and "market manipulation attempts" are some of the accusations.
The outrage was almost immediate as people used various social media platforms to make their discomfort heard by others:
Just closed by Coinbase account. Opened a Gemini one. That was it for me. Hope others follow.— Chris Shepherd, MD (@Shepinions) December 20, 2017
Unpopular opinion: Coinbase will end up as the Friendster or MySpace of the crypto industry— Pomp 🌪 (@APompliano) December 20, 2017
OK, that's it. I'm giving up trading to become an intern at @Coinbase and I'll just make one trade a year and go all in.— dark pill (@DanDarkPill) December 20, 2017
Impact on Bitcoin
Meanwhile, as soon as the news broke into scene, Bitcoin took a dip with immediate effect. On Coinbase the Bitcoin price saw a 10.68% dip (at the time of writing this post). The current trading price of Bitcoin is leaking at $16,783, shrunk by $2,006 from yesterday.