Insider bitcoin cash trading at Coinbase? Exchange to investigate

In the lead up to Coinbase announcing support for BCH, it appears that the price of BCH increased substantially on other exchanges.

As the bitcoin offshoot soars, cryptocurrency start-up Coinbase is commencing an internal investigation. "If we find evidence of any employee or contractor violating our policies - directly or indirectly - I will not hesitate to terminate the employee immediately and take appropriate legal action".

The drop comes one day after one of the largest cryptocurrency trading platforms, Coinbase, launched and then suspended trading in bitcoin cash, a spinoff of bitcoin.

Coinbase CEO Brian Armstrong says the company will investigate allegations of insider trading.

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- Bitcoin Cash doubles in value this week on transaction issues and Coinbase support.

At the time of writing, bitcoin cash is the third most popular cryptocurrency in the world, with ethereum in second place and bitcoin remaining at number one.

At the same time, Bitcoin prices fell almost 15 percent to as low as $15,000 on Tuesday before the announcement.

The trades would have occurred on other exchanges, with no way for CoinBase to tell who made those purchases.

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Bitcoin Cash first surfaced online back in August when a group of developers "forked" the Bitcoin blockchain. The code that Bitcoin Cash runs on is created to fix some of the issues that old school Bitcoin has faced with scaling.

Bitcoin tumbled by 15 per cent on Wednesday after it reached record highs of over $19,850 (£14,811) on Monday.

Coinbase confirmed that users will be able to buy Bitcoin Cash using all of its supported fiat currencies: USD, EUR, GBP, CAD, AUD, and SGD. The policy prohibits employees and contractors from trading on 'material non-public information, ' such as when a new asset will be added to our platform. This meant a lot of people were suddenly getting in on the Bitcoin Cash game, in addition to the fact that the cryptocurrency would be tradeable on an app that recently topped Apple's download charts. You can learn more about Bitcoin Cash here.

He added, "Our launch of Bitcoin Cash today is no exception to this". Apparently, there is some case of insider trading ahead of its announcement - and that caused significant volatility in the price where the order book showed that bitcoin cash hit a high of $9,500.

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