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Coinbase Opens Bitcoin Cash Trades & Halts Suddenly

Coinbase Opens Bitcoin Cash Trades

Coinbase Opens Bitcoin Cash Trades

 

US based cryptocurrency exchange, Coinbase, announced the news–of inclusion of Bitcoin Cash onto their trading platform–through their blog post today. The price of Bitcoin Cash surged immediately to unprecedented heights.

"We’re excited to announce that customers will be able to buy, sell, send and receive Bitcoin Cash on Coinbase."

- 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."

- Coinbase

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."

- GDAX

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:

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.

 

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