Bitcoin's Price Falls Sharply, Bitcoin Cash Surges

Are Bitcoin Traders Being Taught an Age Old Wall Street Game

Coinbase believes it may have had some of its employees jump the gun prior to the announcement it would add Bitcoin Cash to the cryptocurrencies it managed.

Due to the unique position of Coinbase as a leader in cryptocurrency trade, there has been outcry over whether insider trading has occurred leading up to the introduction of Bitcoin Cash.

At about the same time as Bitcoin's plunge, the price of Bitcoin Cash surged above $3,000 for the first time shortly after 9 a.m.

Compounding the day of bad news in the crypto world, a South Korean exchange on Tuesday said it was shutting down and filing for bankruptcy after being hacked for the second time this year, highlighting concerns about security as trade in bitcoin and other virtual currencies boom.

Armstrong said he "will not hesitate" to fire any employee found to have violated Coinbase policies, which bar them from trading on material non-public information - such as when an asset will be added to the platform.

While it's unclear whether any Coinbase or GDAX employees actually acted on this information, the company explained via Twitter, "Coinbase maintains a strict trading policy and internal guidelines for employees".

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Bitcoin Cash is the creation from a fork in the Bitcoin blockchain that took place on August 1, 2017. The second coin has been implemented to better handle some of the shortcomings of Bitcoin such as ever-growing transaction fees and confirmation times.

However the core Bitcoin developers disagreed with the proposed changes, so a group made a decision to copy and modify Bitcoin's code to create Bitcoin cash.

San Francisco-based bitcoin exchange Coinbase said on Tuesday it would allow customers to buy, sell, send and receive Bitcoin Cash, a clone of the original cryptocurrency.

Knowing when Coinbase would begin trading in Bitcoin Cash, which was expected to spike in value, would give a trader an advantage. Bitcoin Cash is now the third largest cryptocurrency in terms of market capitalization, sitting at more than $29 billion compared to bitcoin's more than $294 billion. According to cryptocurrency tracker Coinmarketcap, at roughly 01:55 GMT, the Bitcoin price hit a record level of $3,813.70.

Users who had Bitcoin in Coinbase at the moment of the fork will now see their Bitcoin Cash in their Coinbase account.

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