Coinbase Adds Bitcoin Cash, Another Volatile Week for Bitcoin
Following a series of troubling encounters for the largest cryptocurrency, Bitcoin, its price dropped sharply during the trading hours of Wednesday 20th December 2017. According to reliable sources from the market, the price of Bitcoin went below $17,000 in the morning of 20th December 2017, although by the time this article was being made, it had recovered some ground. It however still remains low with losses approximated to be around 3%.
Coinbase Adds Bitcoin Cash Trading
This drop was witnessed at a time when one of the established crypto trading platforms, Coinbase, officially launched trading in Bitcoin Cash before it would later suspend it. Coinbase had made a statement on 19th December 2017 that it was going to permit Bitcoin Cash trading. Bitcoin Cash is one of the spinoffs that was launched from the cryptocurrency at the beginning of 2017.
However, just a few hours after the trading of Bitcoin Cash began on Coinbase; the site suspended the trading citing the rise of Bitcoin Cash’s price. This led to a number of concerns, with some people suspecting that there could be a kind of insider trading especially by individuals who were privy to the announcement.
In one of the blogposts that was made after the suspension, Coinbase’s CEO Brian Armstrong said that they would conduct investigations into the matter.
As Coinbase made the big announcement on Tuesday, the price of Bitcoin Cash went up to more than $600. For the first time since it was formed in August 2017 after a Bitcoin network’s fork, Bitcoin Cash traded above $3,000. When it went live on the first of August, Bitcoin Cash received great support from Coinbase.
Bitcoin Still Has Some Shady Ties
As all these were going on, another big revelation was also made on Wednesday, 20th December 2017. The findings of a study that had been undertaken by Australian researchers were published on this day. The study revealed that almost half of all Bitcoin transactions are connected with purchasing and selling illegal commodities and services, including weapons, drugs, and software that have been pirated.
According to Talis Putnis who headed the research team, the crimes were made possible with the help of techniques that are mostly connected with forensic accounting. By underpinning Bitcoin, the blockchain technology holds a great promise of revolutionizing a number of global companies.
The price of Bitcoin is currently sitting at around $17,094.90, with about -3.534% as its current loss. All these have just been witnessed over the last 24 hours. The Bitcoin/USD market had more than $4.2 billion worth of Bitcoin exchanged on its platform. This represents a 44.6% share of the whole daily volume. At the second position is the pair of BTC/JPY that represents 30% of the total market share. The market capitalization for Bitcoin is currently at $298,788,460,556.34 with $16,624.2546 as its 24-hour low and $19,006.8242 as its 24-hour high. The trading volume for this world greatest cryptocurrency is currently at $7,896,255,496.39.
Despite the cancellation of Coinbase’s Bitcoin Cash trading, the price of Bitcoin Cash has continued to be on the rise and is currently sitting at $3,298. This represents 44% rise just over the last 24 hours. The Bitcoin/US Dollar market exchanged more than $1.15 billion worth of Bitcoin Cash just in the last 24 hours. This represents a 24.7% share of the daily volume.
Bitcoin has fallen with 11.77% with a volume that ranges from B243.2 k to $4198.2 million on the US Dollar pair. Bitcoin Cash, on the other hand, has gone up with 64.27% to B0.2009 with volumes that have been confirmed to be at B149.2k against the dollar, Bitcoin Cash has also gone up 44.01% against the dollar’s $3298.29.