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Coinbase gets MAJOR update, bringing support for Bitcoin Cash transactions

Coinbase gets MAJOR update, bringing support for Bitcoin Cash transactions

His comments followed accusations that Coinbase employees may have secretly profited following the launch of Bitcoin Cash - a new form of cryptocurrency which opened for trading on the website on Tuesday (19 December) at higher values than other exchanges. Bitcoin cash started rising before Coinbase's announcement, which led CEO Brian Armstrong to announce he was looking into the potential activity.

It was not immediately clear if allegations of insider trading would cause any interest from regulators.

Coinbase has pushed out an update to its hugely-successful app, which lets users trade in Bitcoin Cash (BCH) for the first time.

At the time of writing, the last quoted price on GDAX was listed at $9,500, almost $6,000 above Bitcoin Cash's new all-time high price average.

Although Bitcoin remains highly volatile, investors may panic less during short-term price swings if the liquidity of the cryptocurrency improves.




At the same time, Bitcoin prices fell almost 15 percent to as low as $15,000 on Tuesday before the announcement. Before the announcement, prices for Bitcoin Cash began climbing in other markets, and now a self-investigation of possible insider trading has been initiated.

Coinbase had initially stated it would not support Bitcoin Cash, however, it reversed this decision within weeks.

San Francisco-based firm Coinbase allowed its users to receive, buy and sell bitcoin cash, an offshoot of bitcoin that was created by a fork in August of this year. The split consensus resulted in the creation of Bitcoin Cash that allowed for better blockchain and faster transaction times.

On its blog, Coinbase said the service of buying and selling Bitcoin Cash was available on its exchange, GDAX. GDAX said all of its Bitcoin Cash markets would remain offline until noon Wednesday, Eastern Time. While Bitcoin Cash traded elsewhere in the $3,000-$3,500 range, it skyrocketed to $9,500 at Coinbase, when trading was halted. It was recently at $17,416, about 11 percent off its record high on Monday, but still up about 18-fold this year. 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".

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