Crypto Today: Bitcoin extends corrective slide, bitcoin cash pulls away from record highs

• Bitcoin cash rises above $4K.
• Insider trading allegations shadow Coinbase's BCH launch.
• Bitcoin continues to erase its recent gains.

The BTC/USD pair remains on track to close the fourth day in a row with losses as profit-taking following last weekend's record-setting rally extend ahead of the Christmas holiday. According to the latest available data on coinmarketcap.com, the pair was trading at $16,891.30, down 5.73% on the day. Earlier today, the Bank of England Governor Mark Carney shared his views on bitcoin during his presentation of November Financial Stability Report before the Treasury Select Committee. Carney said that they did not view bitcoin as a financial stability issue at present and added that bitcoin was not closely connected to the mainstream financial system.

Meanwhile, a couple of hours ahead of Coinbase's bitcoin cash trading launch, the BCH/USD pair added more than 50% to reach a fresh record high above the $4K mark, igniting allegations of insider trading. Following this development, Brian Armstrong, Co-Founder, and CEO of Coinbase, in the company's official blog wrote, "given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. If we find evidence of any employee or contractor violating our policies — directly or indirectly — I will not hesitate to terminate the employee immediately and take appropriate legal action."

Following the controversial upsurge, the BCH/USD retraced a portion of its daily gains and was last seen trading at $3,542.62, up 34.21% on the day. 

The total market capitalization of all digital currencies remained steady above $600 billion. However, bitcoin's market dominance dropped to its lowest level in nearly three months at 45% while bitcoin cash rose above 10%.