Coinbase Investigates Insider Trading As Bitcoin Cash Skyrockets In Price Prior To Launch

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The price of Bitcoin Cash (BCH) has hit new record highs above $4,000.

At press time, Bitcoin Cash is trading at $4,138.60 – just below its record of $4,237.27 reached at 16:34:44 UTC. The Bitcoin Cash-U.S. dollar (BCH/USD) exchange rate has skyrocketed by 71.47 percent, in just 24 hours. Week-on-week, BCH is up 153.25 percent, while on a monthly basis, it is up 249.31 percent.

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Source: CoinMarketCap

The third largest cryptocurrency by market value hit a steady rise yesterday, just before the official announcement was made on CoinBase that they were adding Bitcoin Cash to their exchange. CoinBase is the largest exchange used in the U.S. and it also is used around the world, with 13.5 million current customers.

Once the announcement was made, the company decided to halt the transactions within just four minutes of the launch. GDAX, the larger exchange used for professional investors that is owned and operated by Coinbase, had prices selling over $8,000 on BCH before the halt.

Many market watchers and investors took to social media after the announcement, launch, and halt, making allegations of suspected illegal activity. The company’s CEO, Brian Armstrong, was quick to respond saying he had repeatedly told his staff that they were not to disclose the upcoming launch of the cryptocurrency on the exchange and told them they should not trade for the Bitcoin alternative themselves.

Armstrong stated on Medium:

“It appears the price of Bitcoin Cash on other exchanges increased in the hours before our announcement. 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.”

As per Twitter, CoinBase anticipated trade to resume on GDAX sometime today, once there is sufficient liquidity.

Bitcoin Cash sets itself apart from Bitcoin due to its larger blocks on its blockchain that allows larger chunks of data to be processed. This provides its users lower transaction fees and faster transaction times, making it stiff competition to the original digital currency.

Featured Image: twitter

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