Bitcoin drops as Coinbase launches Bitcoin Cash


HONG KONG: Bitcoin prices plunged about 15 percent in Asian trade on Wednesday before recouping some of the losses.

Bitcoin fell Tuesday after Coinbase, the leading platform for buying and selling bitcoin in the United States, said Tuesday it was rolling out support for bitcoin cash.

“Sends and receives are available immediately. Buys and sells will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will take a few hours,” Coinbase said in a blog post Tuesday.

However, Coinbase said in a subsequent, 11:15 p.m. ET tweet that buying and selling would likely not be available until Wednesday. Bitcoin cash trading was also suspended on GDAX until noon ET Wednesday. Coinbase has struggled several times this year to keep up with high demand.

Bitcoin dropped to $15,815.78 in early Tokyo trade from $18,000 Tuesday evening, according to data compiled by Bloomberg.

The crypto currency recovered to around $16,000 in early afternoon trade in Tokyo.