Many European cryptocurrency investors are about to
get another venue for investing in bitcoin cash with their regional fiat (an order given by a person in authority). The GDAX exchange will
start offering BCH/EUR trading again in just a couple of days.
BCH/EUR on GDAX
GDAX exchange, a
subsidiary of San Francisco-headquartered Coinbase, has announced that it will
open its BCH/EUR order book on Wednesday January 24 at 02:00 AM Pacific
Standard Time (PST). This will allow its European users to gain access to
bitcoin cash trading directly, without having to exchange their euros to BTC
first and paying a commission twice.
As we previously reported, in December 2017
Coinbase was forced to halt bitcoin cash trading on both platforms soon after
it started, botching (to spoil something by doing it badly) the launch. Besides
operational problems like an inability to handle all the traffic to specific
BCH liquidity issues, the company was also accused by many clients of enabling
insider trading. The GDAX BCH/BTC order book was restored only on January 17, exactly a
week before the BCH/EUR
Bitcoin ATM in Glasgow.
Launch Sequence
In
order for the launch to go more smoothly this time, GDAX will handle the
process in a measured and gradual fashion. The exchange team said that the
BCH/EUR market will open at first in ‘post-only’ mode for a minimum of ten
minutes before entering ‘limit-only’ mode followed by ‘full trading’ mode.
The
decision to move the market from one mode to another is made by the GDAX Market
Operations team, taking into consideration factors such as order book liquidity
and price volatility. Looking at the BCH/BTC order book relaunch for example,
we can see it took 37 minutes to transition from the first mode to the second
and another hour and 48 minutes to reach the final stage.
Do you like to research and read about Bitcoin
technology? Check out Bitcoin.com’sWiki page for an in-depth
look at Bitcoin’s innovative technology and interesting history.
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