Coinbase To Start Supporting Bitcoin Cash Causing Bitcoin Price Drop

Bitcoin cash on coinbase
Coinbase released that they will begin supporting Bitcoin cash tuesday.
  • Coinbase is the most popular cyrptocurrency exchange in the U.S.
  • Coinbase has the most Bitcoin volume of all cryptocurrency exchanges.
  • Bitcoin Cash was a Bitcoin spin off to promote transaction efficiency.

 

Coinbase Allows Bitcoin Cash Trades

Coinbase released news that their users will be able to buy and sell Bitcoin Cash. BTH is the product of the August 1st Bitcoin Fork as teams of Miners on the Bitcoin network wanted to improve transaction efficiency. Upon the Coinbase release, BTH price rose 60% to a new high of $3,500.

“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,” -Coinbase

All Bitcoin holders received equal amounts of BTH to BTC at the time of the fork. Until now, Coinbase simply allowed Cash holders to bank their cryptocurrency. Come Tuesday the exchange will open the Bitcoin Cash market.

 

Bitcoin Suffers

Bitcoin prices are down trading just above $16,000 after time of the announcement. Although Bitcoin will most likely continue to be a good value store for investors, BTH holds more potential to be the short term leader when it comes to investment gains. Ethereum and Litecoin both saw tremendous success and adoption as they are bringing a more efficient cryptocurrency to the marketplace. There is nothing stopping Bitcoin Cash from becoming the newest, most efficient altcoin.

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About Colton Reece 12 Articles
Litecoin miner and Bitcoin futures trader. Looking to share my knowledge with those who have yet to tackle the cryptocurrency universe. Currently covering cryptocurrency industry updates and major cryptocurrency news reporting at Altcoin Report.