Coinbase gets MAJOR update, bringing support for Bitcoin Cash transactions

Classic Bubble Price Action Source Dr. Jean Paul Rodrigue Dept. of Global Studies and Geography Hofstra University

Coinbase, one of the most popular United States cryptocurrency exchanges, is adding bitcoin cash to its offerings, giving momentum to a rival to the most popular digital unit.

"If we find evidence of any employee or contractor violating our policies - directly or indirectly - I will not hesitate to terminate the employee immediately and take appropriate legal action", wrote CEO Brian Armstrong in a blog post Wednesday (20 December).

Coinbase said it would enable bitcoin cash trading for the first time Tuesday evening, and did so for about two minutes. Historically, the price trend of bitcoin has had an inverse relationship with the short-term performance of alternative cryptocurrencies.

Bitcoin cash was created on 1 August when Hong Kong-based exchange Bitfinex said a minority of bitcoin miners would create a new version of bitcoin to make trading faster and easier. From a cursory glance, it looked like someone knew about the Coinbase move in advance, triggered a flurry of trading that led to a spike in price, and took advantage of this for a massive windfall.

Earlier on Tuesday, traders on Twitter alleged that news of Coinbase's launch of bitcoin cash support had been leaked before the official announcement. As noted by its co-founder and CEO, "Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter".

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Coinbase, a well known US Cryptocurrency Exchange is being investigated because of internal issues. Armstrong added that Coinbase is now looking into the matter.

Coinbase, one of the world's biggest digital currency exchanges, on Wednesday, announced Bitcoin Cash support, allowing customers to buy, sell, send and receive this "hard-fork" of Bitcoin.

Shortly after trading opened, the price of bitcoin cash rocketed to a high of $8,500, more than double what it had been on Monday. This also had it canceling all resting orders and clearing order books for Bitcoin Cash.

He adds that all Coinbase employees and contractors were explicitly prohibited from trading Bitcoin Cash and from disclosing the firm's launch plans over a month ago.

Smooth trading aside, the situation sparked controversy following allegations that insider trading may have occurred ahead of the BCH market launch on Coinbase.

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