6 Possible Explanations Why Bitcoin And Cryptocurrency Prices Dropped So Low Yesterday | Forbes

On Tuesday, Coinbase announced it would support buying, selling, and trading Bitcoin Cash (BCH) on its platform. Since the August fork, there has been major community in-fighting among the BCH and BTC camps regarding which is the “true” Bitcoin. Point being: energy is high around this discussion. Many have speculated that BCH would end up on Coinbase, but even conservative estimates in crypto circles were January 2018.

So it’s no surprise that the noticeable and seemingly out-of-the-blue gains made in BCH in the days and hours leading up to the announcement caused some on social media to cry “insider trading.” This resulted in Coinbase shutting down BCH trading within minutes to launch an internal probe into the possibility that insider trading occurred.

By the next afternoon, BCH was in full force again on Coinbase. But the impact might have been deeper felt than we initially realized. Many have at best a passing understanding of the differences between BTC and BCH, and seeing BTC prices drop so sharply when BCH jumped onto the scene—as well as BCH’s perceived volatility—might have left a larger stain in their minds on the broader concept of cryptocurrency. And even for those who didn’t pay too much attention to the hullabaloo, it might have just amounted to extra, unwanted confusion to keep them from participating further.

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6 Possible Explanations Why Bitcoin And Cryptocurrency Prices Dropped So Low Yesterday.