They rumors were true. Coinbase/GDAX has listed Bitcoin Cash. Bitcoin Cash will now be tradable on both Coinbase and GDAX.
This event was big news, so big that it immediately crashed all coin prices except Bitcoin Cash as everyone rushed to Bitcoin Cash.
This, as you could imagine, caused Bitcoin Cash to run up about a thousand dollars on exchanges where it was actively trading. NOTE: The trading of Bitcoin Cash was announced before it was actually tradable on Coinbase/GDAX, thus the price rose on other exchanges.
Oddly, the price of Bitcoin Cash showed as $8.5k on Coinbase and $9.5k on GDAX shortly after Bitcoin Cash appeared on Coinbase/GDAX. This however was while orders were being posted, but before Bitcoin Cash actually started trading (thus no one was actually paying those prices). NOTE: Bitcoin Cash has since been trading at a price on par with other exchanges.
As noted above the crypto market dropped due to this event, but luckily for investors in other coins, many coins rebounded quickly after a quick drop (this is common in crypto).
That is the state of the market in the moments surrounding Bitcoin’s surprise listed of Bitcoin Cash (they had teased new coins in 2018, and had announced they will make Bitcoin Cash available for those who held it during the fork, but they never let on that they would actually make Bitcoin Cash tradable).
The bottom line here is that this now means Coinbase/GDAX customers have access to a Bitcoin Cash market and BCH/BTC trading pair!
One should expect Bitcoin Cash trading to be inconsistent (with orders not going through at points) until things settle down.
Meanwhile, one should keep in mind that Coinbase/GDAX customers who held Bitcoin during the fork will soon get access to the Bitcoin Cash Coinbase has been holding onto (I believe the date is still January 1st, 2018 for that). This event could affect the Bitcoin Cash market (something to keep in mind if you are buying now).
Ultimately having a new coin on Coinbase/GDAX is exciting and a good thing for the crypto space. It’ll be interesting to see how this plays out. We will keep you updated, for now the news is: Coinbase/GDAX now allows Bitcoin Cash buying/selling/trading/etc, but one shouldn’t expect buying and selling functionality to be intermittent until the market settles down a bit.