On January 9, Adam White, the general manager of the GDAX exchange, a subsidiary of Coinbase, gave his “retrospective” on the recent and controversial bitcoin cash (BCH) launch on the platform. White details that despite the company’s best efforts things didn’t go as planned, and the executive gives a transparent timeline of events.
When GDAX Opened its Order Books, in Three Minutes Demand for BCH Sucked Up Liquidity
The day Coinbase and GDAX added bitcoin cash to the company’s two trading platforms things went haywire for a few hours. When the exchange actually opened the trading sessions, BCH prices jumped over 200 percent in just a short period of time. According to White, the exchange announced support for BCH trading on three new books: BCH-USD, BCH-EUR, and BCH-BTC. At 5:20 pm PST White details the BCH-USD book was opened, and three minutes later the books were temporarily closed.
“At 5:23 pm PST, we paused trading on the BCH-USD book due to significant volatility caused by heavy market buy demand that resulted in insufficient liquidity,” explains White’s retrospective.
$15.5Mn in USD Trade Volume Occurred Which Led to the 70 Percent Bitcoin Cash Price Increase
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