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A 300% climb in less than 5 minutes, accusations of insider trading, and a trading-pair taken offline only minutes after it was introduced. Bitcoin Cash is on a rollercoaster that isn’t over yet.
For the past month investors have speculated what cryptocurrency will be the next to trade on Coinbase. Dash? Bitcoin Cash? Ripple? Any coin adopted by North America’s largest exchange is bound to see an immediate surge in value.
Yesterday at 4:00 PM PST it was suddenly announced that Bitcoin Cash would be the next crypto-offering on Coinbase. This caused a frenzy of activity that rippled across all exchanges.
Prices for BCH doubled and tripled on some exchanges in a matter of minutes.
Bitcoin Cash rocketed to almost $6000 USD on Binace before plummeting back down to $3000.
On GDAX the volatility was even greater. BCH-USD began trading at $3100 USD — minutes later it was trading at almost $9500 USD. Seconds later, GDAX took Bitcoin Cash offline.
“We paused trading in the BCH-USD order book due to the significant volatility” GDAX explained on Twitter.
Shutting down Bitcoin Cash trading may have delayed the rally temporarily. The price on other exchanges has cooled significantly since GDAX took its Bitcoin Cash pairs offline. But the frenzy could continue tomorrow morning.
Despite the surprise announcement, at least some people were knowledgable about Coinbase’s decision to add Bitcoin Cash to its roster. In the 24 hours prior, trading volumes for Bitcoin Cash shot up across multiple exchanges.
The price of Bitcoin Cash jumped 20% only one day earlier. This combined with the huge spikes across multiple exchanges has lead to accusations of insider trading.
Will Bitcoin Cash continue to climb? Tomorrow morning will reopen the floodgates to a new user base. The price will likely climb, and then consolidate back to more realistic levels.
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