Coinbase's Bitcoin Cash Market Is Back Online
Smooth trading apart, the problem sparked controversy following allegations that Forex may have occurred before of the BCH marketplace launch on Coinbase.
The move to halt trading also came days after Coinbase (which works GDAX) stopped purchases and sells for ether and litecoin amid a period of heavy activity on the site.
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And while GDAX appears to be from the woods (for the time being) about the bitcoin cash side, a new update to the parent firm’s status page suggests that customers of their flagship service may experience delays on their bank cables.
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Trading was halted abruptly last night after bitcoin money, which jumped from the main bitcoin blockchain last month, has been recorded on GDAX. In the few minutes that trading has been reachable, the cost taken as large as $9,500, a degree that represented a large premium over other exchanges.
“Wire deposits and withdrawals may be delayed by up to 5 business days. Rejected [and] switched wires will now be processed in 48 business hours,” Coinbase wrote on the page.
Beginning at 9 a.m. PST now, GDAX started allowing accessibility to its bitcoin money market once more, holding it in a post-only mode (in which users may submit asks and bids without having them executed) for the 2 hours that followed.
As of press time, BCH is currently trading at roughly $3,270 on GDAX, in comparison to $3,353 on Bitfinex and $4,251 on South Korea-based Bithumb.
GDAX, the electronic asset exchange conducted by Coinbase, has declared trading of bitcoin money hours after its initial — and tumultuous — attempt to launch a marketplace for its breakaway cryptocurrency.
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At 11 a.m. PST, trading announced, together with all those initial buy orders over $4,000 rapidly filled. Based on GDAX data, 11,591 BCH — an amount worth approximately $39 million — has been exchanged in the initial 15 minutes of trading independently.
“Given the cost gain in the hours leading up the announcement, we will be running an investigation into this matter,” he said.