Bitcoin Cash price (BCH/USD) has skyrocketed following the cryptocurrency’s surprise listing on Coinbase and its exchange platform GDAX.
On Tuesday, the largest US cryptocurrency exchange made an unexpected announcement that it was adding support for the Bitcoin offshoot, which came into existence via a hard fork that occurred on the legacy BTC blockchain on August 1. However, Coinbase disabled trading just minutes after it started, as BCH prices on the exchange soared well above the market price.
“All BCH books will enter cancel-only mode, and all existing orders will be cleared. While in cancel-only mode, no new orders will be accepted. We will post an update shortly," GDAX said in a status update.
The platform subsequently announced that “all BCH markets will remain cleared and offline” until 17:00 GMT. “At that time, BCH markets will enter post-only mode for a minimum of one hour to allow liquidity to be established,” GDAX said
At the time of writing, the last quoted price on GDAX was listed at $9,500, nearly $6,000 above Bitcoin Cash’s new all-time high price average. According to cryptocurrency tracker Coinmarketcap, at roughly 01:55 GMT, the Bitcoin price hit a record level of $3,813.70. Coinmarketcap has excluded GDAX data from impacting the price average.
As of 09:54 GMT, the Bitcoin Cash price stood at $3,413.53, up 44.5% from the same time yesterday. Bitcoin Cash is currently the third-largest cryptocurrency on the market, boasting a total market capitalisation of $57.5 billion.