Bitcoin trading volumes at GDAX appear to have significantly fallen today as bitcoiners prepare for the August 1st hardfork when the currency is to split into Bitcoin Cash (BCC) and Bitcoin Core, which is to retain the bitcoin brand and BTC ticker for now.
Bitcoiners, therefore, are seemingly withdrawing to a wallet or another platform with GDAX falling to tenth position in trading volumes, below Kraken.
Their statement appears to have affected ethereans too, where GDAX is usually first in trading volumes, but has fallen today to fifth, with Gemini taking its place.
Gemini’s position on Bitcoin Cash is not clear. We asked for clarification, but have not yet received a response.
However, it is expected all exchanges, except perhaps GDAX, will allow their customers to withdraw the Bitcoin Cash asset with some of them probably listing it for trading.
OKCoin has stated BCC will be tradable for CNY, dollars and BTC. While ViaBTC allows trading right now by freezing the BTC until after the split with the BCC tradable today. Ledger Wallet has also stated they will support BCC.
As such, Coinbase and GDAX stand alone in announcing they will not allow BCC withdrawals, courting much criticism as well as suggestions it would amount to theft.
Some, therefore, expect a u-turn, but others are taking a better safe than sorry approach and leaving the exchange. However, difficulties are being encountered due to withdrawal limits, while others are stuck in the verification process.
Which may all amount to one of the biggest blunder in this space, but its a good reminder to all that unless you hold the private keys, you only have an IOU which can be frozen or not even given to you.
Moreover, the astonishing statement might further show just how far bitcoin has to go to achieve smooth transactions without bank like intermediaries, such as Coinbase.