Coinbase – the biggest crypto exchange in the world has just launched BCH pairs. We didn’t have to wait until the market reacted. Bitcoin Cash continues to flourish, while BTC loses 12% of its value. Everything happened during the last 24 hours.

Bitcoin Cash on Coinbase

At this moment it is possible to deposit and withdraw BCH at Coinbase. Transactions with this cryptocurrency will be available with higher BCH liquidity at GDAX exchange (which is connected to Coinbase). You can read more about this at Coinbase’s official blog.

With the introduction of the new cryptocurrency, every user will have BCH wallet assigned to account. The amount of Bitcoin Cash on the wallet will equal the amount of BTC held on Coinbase wallet during BCH hardfork. As a reminder, BCH was introduced with block number #478558, mined on 1st August 2017.

According to Reddit users, Coinbase website couldn’t handle the traffic during BCH introduction and was unavailable for a short period. Same issues occurred during the launch of BTC futures.

Market reaction

Yesterday, we reported abnormal price rise of BCH. Well, it was just the beginning! With Cash introduction on Coinbase, the price has skyrocketed.

BCH reached new ATH, and got close to $4000 price level, as coinmarketcap provides. At some exchanges the price exceeded $6000! It’s worth to remember that BCH was traded for approx. $300 at the beginning. While Bitcoin Cash celebrates, rest of the market retreats. Bitcoin lost over 12% in value during the last 24 hours, and its current price is $16900. Other altcoins also cannot resist. ETH, Litecoin and NEO lost approx. 17%.

What do you think about BCH? Will it replace Bitcoin? Tell us in the comments!

 

UPDATING: The Bitcoin Cash market will be reopen on Coinbase. Trading is to be resumed at 9:00 am PSC.