There has been rumors for the last couple weeks that Coinbase would be adding new coins to their exchange, but few people would have expected it to happen this quickly. With virtually no notice, they listed Bitcoin Cash (BCH) on their exchange. While few would have guessed that a coin would be added so quickly, nobody would be surprised that BCH was the choice.
Coinbase has long said that they were working on adding Bitcoin Cash for the simple reason that so many people had held Bitcoin on the exchange at the time of the fork, and were demanding a way to access their money. While Coinbase could have just given people an option to transfer it off, having it become their fourth coin option was really the clear course of action.
Not surprisingly, the listing of this coin caused huge swings across virtually every crypto, regardless of the exchange. Many alt-coins have plunged in price, likely due to people pulling money from alts and dumping it into Bitcoin Cash. Bitcoin Cash, on the other hand, rocketed up. As of this writing it is up 63%, though in isolated trades it was up MUCH higher than that.
Anyone who had Bitcoin on the Coinbase exchange as of the August fork will have an equal amount of Bitcoin Cash, so make sure to log on and take a look. You may have a lot of extra money that you might not have been expecting.