Coinbase Launches Probe on Bitcoin Cash rally Insider Trading

Coinbase Launches Probe on Bitcoin Cash rally Insider Trading

Coinbase Launches Probe on Bitcoin Cash rally Insider Trading

He plans to terminate any employee found violating company policy and take appropriate legal action.

Coinbase began letting its users buy, sell, send and receive Bitcoin Cash on Tuesday in a surprise decision but has temporarily suspended trade. At the time of publishing this article, the price of a Bitcoin was $17,659.29.

Bitcoin cash emerged earlier this year amid a split between factions in the cryptocurrency space over proposed software upgrades to the blockchain technology underpinning bitcoin. The price that Coinbase displayed was also nearly triple what was being quoted on other exchanges. Bitcoin cash started rising before Coinbase's announcement, which led CEO Brian Armstrong to announce he was looking into the potential activity. Coinbase's Bitcoin Cash announcement on Tuesday seemed to steal the wind behind other cryptocurrencies, as values for Bitcoin, Ethereum, and Litecoin dropped at around the same time.

There have been many changes in the industry, but this divergence would offer each and everyone the same amount of Bitcoin cash that they had in the virtual currency.

Coinbase, a well known US Cryptocurrency Exchange is being investigated because of internal issues.

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At its launch on Coinbase, Bitcoin Cash was valued at about $3,500 (£2,612) per coin, four minutes later the price had jumped to $8,500.

Given a huge demand from the side of investors, one of the largest cryptocurrency exchanges in U.S - Coinbase announced support for the first Bitcoin derivative - Bitcoin Cash (BCH). One, knowing that Coinbase is adding the support for BCH, could have bought BCH in huge quantity on other exchanges.

"We have been monitoring the Bitcoin cash network over the last few months and have chose to enable full support including the ability to buy, sell, send and receive", Coinbase said in its announcement via a blog post. "Given the price increase in the hours leading up to the announcement, we will be conducting an investigation into this matter".

Bitcoin Cash was the third biggest cryptocurrency with a total market capitalization of $59bn, according to Coinmarketcap.

Coinbase has yet to give a full explanation but has said that it intends to reopen Bitcoin Cash order books later on Wednesday.

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