Bitcoin Prices Drops, Rival Bitcoin Cash Price Surges
Bitcoin Cash Send And Receive Now Available on US Cryptocurrency Exchange Coinbase
Coinbase, the largest cryptocurrency exchange of the world has recently made an announcement that it shall extend support towards bitcoin cash causing the price of its stern rival bitcoin to tumble down the price ladder. Coinbase which has more than 30 million users worldwide revealed via a blog post released on Tuesday that its customers can immediately engage in the buying, selling and transacting of bitcoin cash. Bitcoin cash emerged as an offshoot of the 1st August hard fork which created quite a stir in the crypto radar earlier this year with an aim to bring upon cheaper and faster transactions.
Following the news of support registered in favour of bitcoin cash, the price of bitcoin dived down by 15% raging from a high of $18400 to a low of around $15600. Within early Wednesday afternoon bitcoin was found trading on major exchanges around the world at approximately $16170 whereas the price of bitcoin cash skyrocketed reporting an exact double figure starting from $1850 in Tuesday to around $3500 figures on Wednesday.
Coinbase reported that customers who were holders of bitcoin during the 1st August hard fork, received equivalent number of bitcoin cash in their virtual wallets. The company said that:
“Sends and receives are available immediately. Buys and sells will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will take a few hours. We have been monitoring the bitcoin cash network over the last few months and have decided to enable full support including the ability to buy, sell, send and receive. Factors we considered include developer and community support, security, stability, market price and trading volume. Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in bitcoin cash for several weeks.”
This happened in the aftermath of Emil Oldenburg, a bitcoin cash backer and owner of Bitcoin.com website announcing that he finds the original bitcoin to be a “virtually unusable” currency prompting him to sale his entire bitcoin stash given its long waiting time and high fees. Mr Oldenburg told Swedish website Breakit that:
“When I sold my bitcoin I had to pay $US50 and wait 12 hours for the transaction to go through because of this. It’s completely unreasonable.”
Roger Ver, the chief executive of Bitcoin.com, and a business partner of Mr Oldenburg has been one of the key figures behind the rise of this offshoot currency. The US Securities and Exchange Commission in the meanwhile has suspended trading of a widely popular bitcoin-related stock temporarily whose price had reached a market valuation of $US11.3 billion this year by soaring more than 5600% given rising concerns of market manipulation.
James Gilbert, the largest shareholder and president of The Crypto Company a blockchain technology specialist has seen his company stake ballooning up to $1 billion according to a report published by The Australian Financial Review. SEC issued a statement announcing that trading was suspended, “because of concerns regarding the accuracy and adequacy of information in the marketplace about, among other things, the compensation paid for promotion of the company, and statements in Commission filings about the plans of the company’s insiders to sell their shares of The Crypto Company’s common stock. Questions have also arisen concerning potentially manipulative transactions in the company’s stock in November 2017. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company,” the SEC said.
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