COINBASE ISN’T HAPPY ABOUT THE BITCOIN CASH MANIPULATION
COINBASE ISN’T HAPPY ABOUT THE BITCOIN CASH MANIPULATION
It is commendable to see exchanges such as Coinbase and GDAX enable Bitcoin Cash trading at this point in time. Although this altcoin only launched a few months ago, it has certainly made a big impact. Whether or not the momentum will spill over into 2018 remains to be determined. It is certainly possible this may only be the beginning of what is to come for BCH, although it’s also evident a lot of people will attempt to manipulate its price moving forward.
More specifically, a lot of trades took place on Coinbase and GDAX during the 90 minutes this new trading market was accessible. As is usually the case when a new coin is added, people will try to get the most bang for their buck. For some reason, some people decided to buy Bitcoin Cash at over US$9,000. It is possible they confused it with Bitcoin, although there’s also a chance something more nefarious is going on. Price manipulation is not necessarily illegal, but it’s certainly frowned upon.
For now, the Coinbase team has no evidence of any wrongdoing as far as this trading market is concerned. No one can deny those high BCH prices certainly raise a lot more questions than answers. Even prior to the announcement, the price of Bitcoin Cash on both Coinbase and GDAX seemed to rise. This degree of anticipation is nothing new in the world of cryptocurrency, although it seems some of the differences may have been rather substantial.
It’s a bold statement, to say the least, and it shows the team is committed to sniffing out any illicit activity associated with Bitcoin Cash trading. It seems highly unlikely one of the company’s employees was involved in this attempt to manipulate the markets. At the same time, no one can deny all possibilities should be looked into in this regard. It is evident something has gone awry, but no one knows for sure in what direction one should look right now.
Nonetheless, it is good to see the company taking responsibility. Being the most trusted and convenient exchange in the world is not easy by any means. It is unclear if the company will refund users who were affected by these wild price swings or not. Some people have made and lost money, either due to their own doing or because of some market manipulation. Whether or not this internal investigation dredges up any wrongdoings remains to be determined.
COINBASE ISN’T HAPPY ABOUT THE BITCOIN CASH MANIPULATION
Reviewed by mir khaleq ali
on
09:24
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Reviewed by mir khaleq ali
on
09:24
Rating:
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