10 Jan '18, 10pm

Coinbase blames extreme buyer demand for last month's bitcoin cash disaster

Massive demand for bitcoin cash sent prices spiking on December 19, the first day the popular exchange Coinbase let its users trade the new cryptocurrency, according to the company. Some 90% of requests on the exchange were from people looking to buy, according to Coinbase, which meant demand for bitcoin cash far outstripped supply. Coinbase was highly criticized following its launch of bitcoin cash trading, with some users speculating that insider trading sent the price flying. Advertisement Coinbase says extreme user demand is to blame for the huge spike in the price of bitcoin cash seen on its marketplace when the company opened up trading in the new cryptocurrency last month. When the company first launched support for bitcoin cash on its GDAX exchange December 19, the price of the currency jumped from less than $2000 to $9,500, even as its price hovered around $3,600 ...

Full article: https://bitzamp.com/coinbase-blames-extreme-buyer-demand-...

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