Update: Bitcoin Cash prices are sliding on other exchanges as GDAX re-opens for trading after being halted due to ‘unusual transactions’. It appears by the book that sellers are dominating…
GDAX has seen no trades yet (upper pane) but the book (lower pane) shows notably more volume to sell than buy…
Update: Just as we saw last night ahead of Bitcoin Cash’s release on GDAX, so this morning’s re-opening (reportedly at 12ET), Bitcoin is being dumped and Bitcoin Cash is surging…
As we detailed earlier, hours after announcing support for Bitcoin Cash, crypto-exchange Coinbase suffered a massive glitch which saw prices for the forked-cryptocurrency hit $8,500 for about an hour – around 250% higher than ‘normal’. It is unclear if any trades were executed during the spike, as trading was disabled for much of the anomaly.
As The Wall Street Journal reports, the company halted trading of the currency four minutes after trading began.
Hours later, Coinbase announced an investigation into whether any employees, contractors or their friends and family used confidential information about its plans to trade Bitcoin Cash before its announcement.
“It appears the price of bitcoin cash on other exchanges increased in the hours before our announcement… [while there’s] no indication of any wrongdoing at this time, we will be conducting an investigation…”
Coinbase in a blog post said it “maintains a strict trading policy and internal guidelines for employees.”
In bold font, the company added: “Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks.”