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Bitcoin Cash price (BCH/USD) skyrockets on surprise Coinbase listing

Bitcoin Cash price (BCH/USD) skyrockets on surprise Coinbase listing”

It means that the 2nd most popular cryptocurrency, Bitcoin Cash, which was first a division of Bitcoin and now an entirely different currency, will be available for buying and selling at Coinbase.

Coinbase has launched an internal probe to identify whether its employees engaged in insider trading of Bitcoin Cash shortly before the cryptocurrency was officially introduced to the exchange yesterday.

Bitcoin Cash is the creation from a fork in the Bitcoin blockchain that took place on August 1, 2017. Now, an investigation is underway.

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After the recent announcement was made, Bitcoin Cash went up by 50% in the last few hours, trading around $3,300. 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.

Charlie Lee denied any connection, stating he only sold for convenience.

At 8:15 p.m. PT, Coinbase announced, "Bitcoin Cash sends and receives are functional". This also had it canceling all resting orders and clearing order books for Bitcoin Cash. If it turns out that insider trading was involved at Coinbase, users will likely have to scream their outrage into the void until some type of regulation for the market is set in stone.

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The US Securities and Exchange Commission suspended trading temporarily in The Crypto Company, a US based cryptocurrency consultancy, amid concerns over stock manipulation, according to CNBC. The code that Bitcoin Cash runs on is created to fix some of the issues that old school Bitcoin has faced with scaling.

Coinbase stated on its Bitcoin Cash blog announcement that it "maintains a strict trading policy" and employees have been "prohibited from trading in Bitcoin Cash for several weeks". In addition to trading restrictions, it prohibits communication of material non-public information outside the company. As smaller miners become overburdened financially, they turn to Bitcoin Cash, or the "second Bitcoin", analysts say. Given the nature of cryptocurrencies, it is unlikely that there is any way to prove that insider trading has occurred.

The company is looking into whether an employee profited off inside information Tuesday when the platform saw a dramatic rise in the value of bitcoins.

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