Bitcoin insider trading lends veneer of normality

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

If you look at the average price of Bitcoin Cash on the other major platforms, it now hovers around $3,600-$3,700.

Traders originally grew suspicious when the bitcoin cash value took a sharp upturn in the hours leading up to the company's announcement, with many suspecting that individuals with insider knowledge of the event procured bitcoin cash at a low rate prior to the launch.

"We have been monitoring the bitcoin cash network over the last few months and have made a decision to enable full support including the ability to buy, sell, send and receive", Coinbase said in its announcement via a blog post.

The sharp drop earlier today it seems was caused by news that Coinbase - one of the world's largest cryptocurrency exchanges - chose to open up its doors to bitcoin cash trading.

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.

The real problem, however, appears to be the price of Bitcoin Cash increased on other platforms before Coinbase added support.

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"Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter", the Coinbase CEO said in a blog post.

Bitcoin cash was created as an offshoot of the original bitcoin in August.

While Coinbase briefly enabled orders to be posted in USA dollars on its platform for more sophisticated traders, it suspended the facility after two minutes due to "significant volatility", the company said in a blog post.

Armstrong said he will not hesitate to terminate any employees who violated company policies.

Trading in bitcoin cash was suspended on Wednesday, a Coinbase status page showed.

It's not certain when Bitcoin Cash transactions will return to the exchange.

The move to halt trading also came days after Coinbase (which operates GDAX) paused buys and sells for ether and litecoin amid a period of heavy activity on the site.

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