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Bitcoin cash, a clone of bitcoin, jumped to $8,500 on Coinbase's
exchange on Tuesday afternoon, hours before the San
Francisco-based exchange launched trading in bitcoin cash.
Trading in bitcoin cash will be suspended until 1200 ET (1700
GMT) Wednesday, a Coinbase status page showed.
Meanwhile, bitcoin, the world's most popular cryptocurrency,
fell more than 10 percent on Wednesday to a one-week low of
$15,800. Bitcoin has risen some 1,700 percent this year and
nearly 80 percent this month alone.
"If we find evidence of any employee or contractor violating our
policies — directly or indirectly — I will not hesitate to
terminate the employee immediately," Coinbase Chief Executive
Brian Armstrong said in a blog post. (http://bit.ly/2CMbaA3)
Additionally, Coinbase employees have been restricted from
trading in bitcoin cash for several weeks, Coinbase said on
Twitter.
Earlier on Tuesday, traders on Twitter alleged that news of
Coinbase's launch of bitcoin cash support had been leaked before
the official announcement.
Bitcoin cash was created on Aug. 1 when Hong Kong-based exchange
Bitfinex said a minority of bitcoin miners would create a new
version of bitcoin to make trading faster and easier.
(Reporting by Nikhil Subba and Mekhla Raina in Bengaluru;
Editing by Amrutha Gayathri and Sai Sachin Ravikumar)
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