As soon as Gdax & Coinbase announced that they would support BCH, the price of BCH jumped 70%, and for some reason, someone even bought it for 9,000 US Dollars at 8:22:51 and 9,500 US Dollars at 8:22:52. Gdax quickly suspended. You will also notice the same data when you look at Gdax's market capitalization via Coinmarketcap. It mentions BCH trading is excluded because of an Outlier detected.
Do I think Gdax and/or Coinbase manipulated the trade? No, otherwise, they would have continued trading for another hour or so. Do I think someone was trying to pump the price? Yes, because that someone or groups of people know that the current price is just around US$3,300 and it was just around US$1,900 yesterday. Maybe he/she/they were hoping everyone else would bring the price up to US$9,500. It’s just suspicious for someone to put a sell order of BCH and someone buys it immediately even before everyone else realizes what was going on.
Do I want BCH to prosper? Yes, but the growth should be sustainable. Not some pumps by an exchange where there’s really no support from anywhere else. The technology of BCH, in my opinion, is better than BTC, but I don't know if BCH can process transactions like Visa. I'm afraid BCH might also experience the same network congestion of BTC if transactions will grow.
For a brief comparison, it was reported That BTC handles 3 tx/sec, ETH is around 20 tx/sec, Paypal is about 163 tx/sec and Visa is 1,667 tx/sec. Now, you can find this via chain.so. The data has BTC at 4 tx/sec, and there’s around 226k unconfirmed transactions, at the moment. How many tx/sec do you think the BCH network process? I’ll try to find this information and tell you about it.
Until next time!
Sources:
-Gdax, Bitfinex, Chain.so, Coindesk, Bitcoin.com, Techopedia, Altcointoday
BCH : 1F72jSnZadZ3xZCafZLP542vj743mqDFNe
LTC : LZWyPebkPt1nY9Mw7VUwJqtWmX7moEi7Dn
