Kraken On Bitcoin Cash
Jul 31, 2017 Posted / 2458 Views
Joining the list of exchanges set to interact with the BCC fork and credit user accounts with equal amounts of BTC and BCC
Kraken has issued a warning to margin traders in its official Bitcoin Cash statement, saying they should prepare for “extreme volatility.”
Kraken was a prominent bitcoin exchange operating in Canada, the EU, Japan, and the US, and "the world's largest bitcoin exchange in euro volume and liquidity". It currently has oversight of Mt. Gox claims for lost bitcoins. Kraken provides Bitcoin pricing to the Bloomberg Terminal. Since February 2017, Kraken has been offering reduced levels of support and later, degraded website and API performance. Since July 2017, Kraken has been having some problems with deposits and withdrawals. The support level is being still at reduced or very poor level. Few Kraken users are complaining on Reddit Kraken support channel, but most of them are getting no replies.
“[...M]argin traders should plan for the possibility of extreme volatility and unfavorable forced liquidations surrounding the fork,” it wrote yesterday.
Kraken’s midway position contrasts sharply with fellow major US exchange Coinbase, which at the same time said it would not interact in any way with BCC should it come into being Aug. 1.
Other exchanges have adopted either a hands-on or hands-off approach to various extents, with HitBTC yesterday also confirming it had launched BCC futures trading in the run-up to the potential activation date.
Those futures, also hosted at Chinese exchange ViaBTC, have become highly volatile, losing 50 percent in the past 24 hours before rebounding by half.
Kraken’s position was praised on social media, with an associated Reddit thread nonetheless highlighting a general lack of understanding about the implications of the hard fork based on where users store coins.
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