Admiral Markets One of the First to Add Bitcoin Cash

Admiral Markets One of the First to Add Bitcoin Cash

Admiral Markets One of the First to Add Bitcoin Cash

Investors who held bitcoin on most exchanges as of Tuesday morning, when the split happened, should have automatically received the equivalent amount of bitcoin cash. Finally, its price crashed to $220 as the BitCoin crossed the $3,000 mark.

"We made this decision based on factors such as the security of the network, customer demand, trading volumes and regulatory considerations", it said.

Bitcoin cash, with its high processing capability, trades at a fraction of what bitcoin is worth.

Many users and investors remain unsatisfied with the decision of Coinbase to credit user accounts with BCH after almost five months since the initial execution of the BCH hard fork.

The platform now supports transactions for only three cryptocurrencies: Bitcoin, Litecoin, and Ethereum. This position, however, appeared to trigger a stampede of withdrawals, akin to a bank run, that led many customers to complain about long delays in getting access to their funds.

With 9 million users and $20 billion exchanged, Coinbase has its hands on a lot of the digital currency floating around.

Several exchanges, including popular destinations Coinbase and Kraken, valued a single bitcoin at over $3,000, an all-time high that was up $485 on the valuation a month ago.

While Coinbase has since rolled in behind the new digital currency, some experts believe bitcoin cash's value could deteriorate further.

Coinbase wouldn't disclose how many users withdrew their bitcoin in anticipation of the hard fork.

But eventually all exchanges will list Bitcoin Cash which could create huge selling pressure as investors see Bitcoin Cash as just a bonus.

Users were concerned regarding the status of their bitcoins.

The original bitcoin traded Friday almost 3 percent higher at $2894.91, holding near Tuesday's highs, according to CoinDesk. Other Asian countries have relaxed regulations, and China is soon going to publish guidelines for trading in the currency.

Some leading bitcoin exchanges including US -based Kraken and South Korea's second largest bitcoin exchange Korbit support BCH/BTC trading and offer wallet services. Coinbase hopes to have it ready by January 1, 2018, which applies to GDAX as well. As expected the event went out smoothly forking out the parent blockchain into two, bitcoin (BTC) and Bitcoin Cash (BCC or BTH).

"The inception of Bitcoin Cash may prove to be exactly what Bitcoin needs", Hayter said.

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