After the troubled launch of Bitcoin Cash (BCH) trading on Coinbase and GDAX, which saw the price skyrocketing to $9,500 shortly before being frozen at that point, the company explains what has happened. Moreover, Coinbase says it will reopen order books today.
In a blog post published earlier, Coinbase explains that trading was paused just two minutes after being enabled, due to significant volatility. Order books will reopen today at 17.00 UTC, according to the company. The post did not contribute anything new to the ongoing debate about the insider trading allegations. Coinbase's CEO announced earlier today that a probe on the issue is under way.
Here's the announcement:
We wanted to provide our customers with an update on Bitcoin Cash (BCH) trading on GDAX.
At 4:00pm PST on December 19, 2017, we launched three BCH order books on GDAX. All BCH order books opened in post-only mode, allowing customers to place open orders and establish liquidity.
At 5:20pm PST, we enabled trading on the BCH-USD book. The BCH-EUR and BCH-BTC books remained in post-only mode.
At 5:22pm PST, we paused trading in the BCH-USD order book due to significant volatility. Once paused, we cancelled resting orders and cleared all BCH order books. We made this decision to ensure a fair and orderly market.
BCH order books will reopen on December 20th at 9:00am PST. All BCH order books will open in post-only mode for a minimum of one hour to establish liquidity. We will continue to closely monitor market activity.