Coinbase Reopens Trading Of Bitcoin Cash Amidst Volatile Market

Bitcoin Cash recently underwent a hard fork in 15th November 2018 and resulted in the formation of Bitcoin Cash SV. This controversial hard fork, however, led to the massive volatility of its prices, which subsequently caused almost all significant exchanges, worldwide to stop trading in Bitcoin Cash. On some exchanges like Kraken, which did not close operations in Bitcoin Cash, a 40 percent decline in prices were recorded.

(Read: Bitcoin Cash Hard Fork, 15 November – All You Need To Know)

Though Bitcoin Cash SV, according to enthusiasts may face delisting from major exchanges, USA based digital currency exchange platform, Coinbase, reopened trading in Bitcoin Cash today. However, as a consequence of the depreciation of the token, over the last few days, the prices of it, opened sharply lower than before. On 15th November, when Coinbase. It then proceeded to slump to as low as 210 USD, but it now seems that it has regained some of its momenta, and is currently trading at 230 at press time.

The reason for this decline is, however, still unknown, but it might be so that most of the vital computing power and resources that had been supporting bitcoin cash, may now be leaving to provide their support to the hard fork, bitcoin cash SV. Though there were massive hopes for Bitcoin Cash SV gaining a lot of support before the hard fork, that has not been the case, and at press time, it was trading at 48 USD.

(Read: Pros and Cons of Bitcoin Cash)

Bitcoin Cash, however, continues to mostly follow the movements of the crypto market, which has been becoming somewhat erratic these last few days. After falling to a low of around 210 USD, it rose up to 258 USD but now is back again at 230 USD. This volatility has been characteristic of prices across the market though it remains questionable as to how long it will last, if Bitcoin, the market leader suffers to yet another major drop.

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Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.