Want to know why bitcoin cash is exploding higher? It's because Coinbase has announced that you can buy, sell, send and receive it!
Hundreds of thousands of new crypto investors are pouring into the market in general, and into Coinbase in particular, and they don't know much about what they're doing. We saw a huge increase in the price of Litecoin recently, because new investors bought it in huge quantities on Coinbase because it was less expensive than bitcoin or ethereum.
We may see a similar phenomenon with bitcoin cash, because it's a less expensive version of bitcoin.
Here is the announcement:
We’re excited to announce that customers will be able to buy, sell, send and receive Bitcoin Cash on Coinbase. You can read more about Bitcoin Cash on our FAQ page.
Sends and receives are available immediately. Buys and sells will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will take a few hours.
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Bitcoin Cash was created by a fork on August 1st, 2017. All customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account. Your Bitcoin Cash balance will reflect your Bitcoin balance at the time of the Bitcoin Cash Fork, which occurred at 13:20 UTC, August 1, 2017. You can read more about what a bitcoin fork is here and our previous update on Bitcoin Cash here.
We have been monitoring the Bitcoin Cash network over the last few months and have decided to enable full support including the ability to buy, sell, send and receive. Factors we considered include developer and community support, security, stability, market price and trading volume.
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https://blog.coinbase.com/buy-sell-send-and-receive-bitcoin-cash-on-coinbase-65f1b2c7214b
