Coinbase Adds Bitcoin Cash – Chaos Ensues

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As of about an hour ago, Bitcoin Cash went live on Coinbase. If you had Bitcoin in your Coinbase wallet on August 1, 2017 you finally have access to it.

As of writing this Bitcoin Cash is sitting at $9,500 last trade on GDAX. Bitcoin Cash is still trading in the low $3,000 range on Bittrex.

Bitcoin Cash 11k Sell Wall at $8499

 

Interestingly, GDAX allowed brief trades before halting trading due to lack of sufficient liquidity. Why some trades were briefly allowed to happen is still not known.

The feedback on the rollout so far has been highly negative on most social media platforms. Coinbase has a couple of tweets so far with many negative replies, including this one stating that Coinbase employees are prevented from trading for several weeks, leading many to wonder how Coinbase would even enforce the rule in a decentralized market.

Charlie Lee, the face of Litecoin and former Coinbase employee had this to say:

Bitcoin, Ethereum and Litecoin both took a hit briefly but have since seemed to recover. Bitcoin dropped below $15,000 a coin before settling back in the high $16,000s.

Regardless of how the rollout goes, the battle between Bitcoin and Bitcoin Cash just got a lot more intense.

Update: As of 3 hours after the last trade GDAX now looks like this:

Bitcoin Cash GDAX 22:30 CT US

Per GDAX Twitter:


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