Bitcoin Cash Bitcoin Crash – Yes and No.
Last night was an interesting one for anyone in cryptocoin investing. Some reports had Bitcoin cash Bitcoin crash as a result of suspected insider trading by Coinbase. The basis of this accusation was Coinbase suddenly rolling out Bitccoin Cash (BCH) without any prior announcement. What added fuel to this fire was the sudden surge in Bitcoin cash trading volume with a nearly simultaneous plunge in Bitcoin itself.
The morning after I am happy to report Bitcoin recovered nearly $1,000 of what was lost last night as Bitcoin Cash holds on the gains made last night – with the exception of a sudden and drastic plunge in price by nearly 50% only to bounce back quickly. All told the reports of an epic Bitcoin Cash Bitcoin Crash are greatly exaggerated.
Both camps were out in force last night on Twitter, Reddit and various Facebook groups sounding off this recent turn of events in cryptocoin markets. Things are already returning to normal and as the smoke clears and the dust settles it’s clear that while Bitcoin cash is here to stay and has carved out a market of its own, Bitcoin itself is still king of the hill. With Coinbase adopting BCH it gains a valuable foothold even if there is a cloud of suspicion hanging over this sudden move.
Coinbase had previously announced plans to roll out more coin trading possibilities next year which will squarely secure Coinbase’s leadership position as a cryptocoin exchange. For now, everyone is settling into the new reality of being able to trade BCH as well as BTC while accepting the fact that the great Bitcoin Cash Bitcoin Crash of 2017 really never happened. Those cheering for a Bitcoin bubble are no doubt disappointed that their prediction of doom and gloom fell flat again.
As published here a couple of days ago, the price of Bitcoin (BTC) is a state of change right now but is definitely trending upward.