Bitcoin Cash Reaches New Highs After Announcement

bitcoin cash

The popular currency in the cryptocurrency world, Bitcoin Cash, recently jumped over $600 after the popular exchange known as Coinbase stated that they would begin offering trading of the coin. The cryptocurrency, which was formed when bitcoin forked back in August, was now trading at over $3,000 for the first time since the coins inception. As of 7:40pm ET on November 19th, the coin was trading as high as $3,338 according to data from the website Markets Insider.

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In the beginning of Bitcoin Cash, many thought that it would never receive any traction given the idea of a fork was fairly new. The coin was made to help solve the issue of scalability on the bitcoin network. With transactions at an all-time high, bitcoin was slowing down due to the networks inability to keep up with the high amount of transactions. Bitcoin Cash was developed to help solve this issue. The coin was never supported by Coinbase, with users not receiving the one to one ratio as they did on other exchanges. The exchange released a statement on Tuesday, that all of those who held bitcoin before August 1st, would get that much in Bitcoin Cash.

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The website stated that “all customers who held a bitcoin balance on coinable at the time of the fork will now see an equal balance of bitcoin cash available in their coinable account.” The GDAX exchange bitcoin cash was trading at a high compared to the overall market, reaching as high as over $9,000. After trading on Coinbase was enabled, it was quickly disabled to the high amount. The hopes are high that this new acceptance of bitcoin cash will help the overall cryptocurrency market in not only its adoption, but its availability and usability.


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