European Stock Markets
Many European cryptocurrency investors are about to get another
venue for investing in bitcoin cash with their regional fiat. The GDAX
exchange will start offering BCH/EUR trading again in just a couple of
days.
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 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.
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.
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