What were the results of Coinbase's actions on August 1st?

3 answers

• Funch NewtonJul 08, 2024 · 2 years ago
  Coinbase's actions on August 1st had significant impacts on the cryptocurrency market. As a result of their actions, the price of Bitcoin Cash (BCH) experienced a sudden surge, while the price of Bitcoin (BTC) dropped temporarily. This caused a lot of volatility in the market, leading to both opportunities and risks for traders. Coinbase's users who held Bitcoin on the platform at the time of the actions received an equivalent amount of Bitcoin Cash, which they could then trade or withdraw. However, this also led to some technical issues and delays in processing transactions on the platform.
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• McCracken RavnJul 30, 2021 · 5 years ago
  On August 1st, Coinbase made the decision to support Bitcoin Cash (BCH) after previously only supporting Bitcoin (BTC). This decision had a significant impact on the cryptocurrency market, as it caused a surge in the price of Bitcoin Cash and a temporary drop in the price of Bitcoin. Many traders took advantage of this price movement to make profits, while others experienced losses due to the high volatility. Coinbase's users who held Bitcoin on the platform at the time of the actions received an equivalent amount of Bitcoin Cash, which they could then trade or withdraw. However, the sudden influx of users trying to access their Bitcoin Cash caused some technical issues and delays on the platform.
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• Beejay41Sep 25, 2021 · 4 years ago
  Coinbase's actions on August 1st, in which they added support for Bitcoin Cash (BCH), had a significant impact on the cryptocurrency market. The price of Bitcoin Cash experienced a sudden surge, reaching new highs, while the price of Bitcoin temporarily dropped. This created opportunities for traders to profit from the price movements. Coinbase's users who held Bitcoin on the platform at the time of the actions received an equivalent amount of Bitcoin Cash, which they could then trade or withdraw. However, the increased demand for Bitcoin Cash caused some technical issues and delays on the platform. Other cryptocurrency exchanges also experienced increased trading volumes and price movements as a result of Coinbase's actions.
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