Coinbase trades Bitcoin cash. One of the most successful Bitcoin forks can now be traded on Coinbase. This comes following just 4 months after the launch of Bitcoin Cash. Ever since its launch, it has been very successful and last month, it briefly overtook Ethereum at the second spot in terms of Market Capitalization before stepping back to the third spot, a position which it has occupied for weeks now.
Prior to adding Bitcoin cash, Coinbase only traded Bitcoin, Litecoin and Ethereum. It is also one of the most trusted and popular cryptocurrency exchanges headquartered in the US. Coinbase’s decision to add Bitcoin cash support came after months of monitoring the coin as stated on their blog;
‘’We have been monitoring the Bitcoin cash network over the last few months and have decided to enable full support including the ability to buy, sell and receive.”
The factors considered before the implementation of this move include; consideration of developer, community support, security, market price and trading volume.
This launch followed a surge in the price of Bitcoin cash of 54% in 24hrs which lead to new all-time highs of over $ 3000 after several months of very little growth. As of press time, Bitcoin cash is being traded at $ 3,368 while Bitcoin core is experiencing a 10% price drop in the last 24 hrs.
It should be noted that another co-founder of Bitcoin.com, Emil Oldenburg, in an interview with a Swedish website Breakit made an announcement yesterday stating he is going to be withdrawing his investments in Bitcoin core and transferring them into Bitcoin cash calling Bitcoin “useless”. Though his withdrawal alone cannot be the single reason for this massive surge in Bitcoin cash, it is possible other investors possibly dumped their Bitcoin due to FUD.
This also comes weeks after the Bitcoin “Jesus” Roger Ver Pulled out his investments from Bitcoin core to Bitcoin cash which he believes is the real Bitcoin. After that move, BCC(BCH) saw a similar increase in price which was followed by a major correction.
As Coinbase trades Bitcoin cash, do you think this will add more Value and recognition to the coin?
Let us know your thoughts in the comment section below