Bitcoin falls $1k in 1 hour as Bitcoin Cash emerges as rival: 4 things to know

The volatile cryptocurrency bitcoin fell Tuesday after Coinbase, the leading platform for exchanging bitcoin in the U.S., rolled out support for bitcoin cash, the continuation of the bitcoin project, CNBC reports.

Bitcoin Cash is marketed as "a fork of the bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale," according to the network's website.

Here are four things know.

1. Bitcoin Cash split from the original bitcoin network Aug. 1 when a group of developers sought to improve the cryptocurrency's transaction speed and cost.

2. Since Coinbase said Tuesday it would allow traders to buy and sell bitcoin cash on the exchange, the currency soared more than 70 percent that evening to a high of $3,813.70 and was trading near $3,339 late that night. As of Dec. 20 at 1:42 p.m., Coinbase ranks 1 bitcoin cash at $3,633.73.

3. Coinbase officially allowed buying and selling of the currency Wednesday, but later suspended trading to investigate whether employees engaged in insider trading of bitcoin cash prior to its launch on the exchange, reports The Verge.

4. Bitcoin plunged to a low of $15,005 following the announcement. Valued upwards of $19,000 earlier this week, Coinbase now ranks 1 bitcoin at $16,849.45, as of Dec. 20 at 1:42 p.m.

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