The recent announcement by Coinbase and GDAX that they will not allow their customers to withdraw Bitcoin cash may have had a knock on effect on trading at the exchange with Bitcoin trading volumes appearing to have significantly fallen.
A hardfork on August 1 that will split Bitcoin into Bitcoin Cash (BCC) and Bitcoin Core (BTC) has again cause a little turbulence in the market. While there have been no huge statements from other cryptocurrency exchanges and wallet providers, Coinbase and GDAX have stated that they will not be giving their customers Bitcoin Cash.
This stand has angered a number of small and big blockers considering that BCC, which has already started trading on ViaBTC, has garnered fair share of attention with prices stable at the $550 mark. ViaBTC is allowing trading in BCC by freezing the BTC until after the split.
The stance by Coinbase and GDAX may prove to be a huge negative for the two with more and more bitcoiners withdrawing to a wallet or another platform.
This could have been one of the reasons why GDAX has fallen to tenth position in trading volumes. The statement hasn’t gone down well with Ethereum supporters as well because GDAX, which usually held first spot in trading volumes for the cryptocurrency, has fallen to fifth.
Unlike GDAX it is expected that all exchanges will be taking a more cooperative stance and will allow their customers to withdraw the Bitcoin Cash (BCC) and some of them could even list the new crypto for trading.
OKCoin has said it will offer trading of BCC for CNY, dollars and BTC. Ledger Wallet has also stated they will support BCC.
Coinbase and GDAX have been heavily criticized for their stance on BCC with some even claiming that the two will be committing theft if they do not allow their customers to withdraw BCC.
The statement by the two is most likely forcing users to move away from the two by being safe rather than sorry at a later date.