Today in Bitcoin news, Coinbase is set to provide support for Bitcoin cash by Jan. 1, 2018. When this is done, BCH investors will be able to securely store their Bitcoin cash and withdraw Bitcoin cash from the Coinbase exchange. This move is likely going to be followed by a support for trading BCH on the platform.
With the announcement, the long time speculations of enthusiasts will soon come to fruition. Coinbase is a popular cryptocurrency brokerage and the introduction is likely to boost the price of BCH and have a negative impact on the price of BTC given the fact that the two cryptocurrencies are very close competitors. When the move has completely taken effect, Coinbase users will trade on, and receive Bitcoin Cash on the trading platform.
This announcement of this plan resulted to an increase in the price of BCH. Correspondingly, the latest Bitcoin news resulted to a 12 percent reduction in prices and a fall below seventeen thousand dollars. The Bitcoin cash price got boosted by hundreds of dollars and moved above the three thousand dollars mark. The recent price scheduled for BCH on CoinMarketCap is 3,387.54 dollars.
Bitcoin Cash (BCH) Price after the Insider Trading Probe Set a New Record High
The price of BCH is back on the cryptocurrency exchange platform located in San Francisco, Coinbase after the initial halt due to insider probe. When Coinbase made known to the public that it would support buying and selling of BCH on its platform, after growing speculation that began since last August, there was almost immediate increase in BCH.
However, the announcement was made after broad accusations that Coinbase workers divulge the news to those outside the company owing to a huge surge same day which went as high as 3,700 dollars and the increase the previous day in addition to a twenty-four percent increase within ninety minutes.
Coinbase CEO Brian Armstrong declared in a follow-up post that the company has robust anti-insider trading policy and that in line with that, if they discover any sign that an employee or contractor of the company violates the policy either directly or indirectly, the contractor or employee’s relationship with the company would be ended straight away with the required legal action taken.
After that trading of BCH trading was suspended on Coinbase until 9 am PST Dec. 20. After the re-launch, the BCH prices began to rise up again and was tagged 4,300.04 dollars on CoinMarketCap. However, at 9:01 am PST, the price rose to 4,355.62 dollars, which amounts to a more than thirty percent increase from the previous night.