Crypto Chaos – Bitcoin Spikes Back Above $17,000 After Flash-Crash, Bitcoin Cash Up 60%

Well that didn’t take long – Bitcoin is back at $17,000; Bitcoin Cash +60% at $3,500….
There is some logic as the forked currency gains over $1000 so the original Bitcoin loses that ‘dividend’…
Bitcoin rebounded earlier…
For now the catalyst for the move appears to be a wave of selling from Coinbase HODLers as the exchange began allowing sends and receives in Bitcoin Cash (which split off from the original bitcoin on Aug. 1 after a group of developers decided to try to improve bitcoin transaction speeds and costs).
Investors in bitcoin at the time of the split should have received an equivalent amount of bitcoin cash, but Coinbase did not immediately do so, and said it would provide support by January. On Tuesday, Coinbase said all customers at the time of the split would have bitcoin cash.

This post was published at Zero Hedge on Dec 19, 2017.