Bitcoin Cash enthusiasts were quite pleased when Coinbase and GDAX announced support for BCH a few weeks ago. Unfortunately, the good feelings didn’t last all that long, mainly because the trading of BCH was halted pretty quickly afterward. It seems there is also an investigation ongoing into how some people managed to manipulate orders across GDAX. Thankfully, the trading of Bitcoin Cash will be resumed on this platform on January 17 at 9 a.m. PST.
GDAX Will Finally Resume BCH Trading
It is always interesting to see how things unfold when major exchanges enable support for additional cryptocurrencies. There are quite a few top cryptocurrencies which are not supported by any major exchange right now. Especially when it comes to fiat currency gateways, there is still a lot of work to be done for most coins. Coinbase is the go-to exchange for most people looking to buy cryptocurrency with their euros and US dollars.
A few weeks ago, GDAX announced it would launch trading of Bitcoin Cash. A lot of people were quite excited about this development, especially because it would allow more people to invest in BCH without any major problems. As was to be expected, however, this sudden interest in BCH would result in some very unusual market action. Some people will always look to take advantage of new currencies being added to this platform.
Although this behavior did not go unnoticed, it didn’t impact the Bitcoin Cash price all that much. The one downside, however, was that Coinbase was forced to halt the order book and trading on GDAX, which was a very worrisome development. Companies want to protect users first and foremost, but doing so comes at the risk of annoying said users and missing out on a lot of money at the same time. People have been rather patient when it comes to the relaunch of BCH trading on GDAX, and it seems their patience will be rewarded after all.
More specifically, the GDAX Twitter account has shared that trading of Bitcoin Cash will resume come January 17 at 9 a.m. PST. This means we might see some interesting market action for Bitcoin Cash in the next few days. A lot of people are still waiting to see if the GDAX listing will affect the price in the coming weeks and months. With more fiat currency gateways at users’ disposal, things will undoubtedly get very interesting moving forward.
The first question that comes to mind is whether or not we will see another attempt to manipulate the BCH price. It remains unclear who was responsible for the first attempt at doing so weeks ago, but it was evident this was a well-coordinated event, all things considered. At one point, people were trying to buy Bitcoin Cash for US$8,000 and more, which was and is well above the current market value. Although this shows a clear interest in BCH on the part of investors, it is also somewhat problematic when it comes to properly assessing the value of this altcoin right now.
Some Bitcoin enthusiasts are already calling for a major BCH dump when GDAX resumes trading. Whether that is wishful thinking or an indication of future price manipulation is very difficult to determine right now. It is evident there is some animosity between Bitcoin and Bitcoin Cash supporters, and some people would gladly wish harm upon the other community’s fortunes. That in itself is pretty bothersome, but it is highly unlikely that situation will change anytime soon. This doesn’t mean there will be an actual Bitcoin Cash dump to speak of, though, but you never know how things will play out.