Ethereum Classic spikes 25 percent on Coinbase listing news

Marco Green
June 12, 2018

The price of ethereum classic, the cryptocurrency that was hard forked off the ethereum blockchain in July 2016, surged for 25 percent on Tuesday, following the news that it is being added to crypto exchange Coinbase for trading. It is true the other way too at times, when an exchange is hacked or delists a currency, the prices have been observed to dip tremendously.

Coinbase first tweeted this announcement at 6:48 IST.

'We are pleased to announce our intention to add support for Ethereum Classic (ETC) to Coinbase in the coming months.

The company said that once it has reached the final testing phase for integrating the cryptocurrency, it will announce a concrete launch date. Note that customers who previously had an Ethereum Classic balance on the platform as a result of the 2016 Ethereum hard fork and did not elect to withdraw their funds prior to January 2017 will receive a corresponding Ethereum Classic credit.

Coinbase has plans to roll out the process of adding ETC over the next few months. "You people just don't learn...."

Also notably, the decision to add ethereum classic arrives after some in the industry had questioned Coinbase's asset selection process to be "random, if not altogether dubious". A day ago, Binance listed TRX/USDT pair as support to Tron's Main Net migration. Coinbase Index Fund will rebalance to include Ethereum Classic.

"#Binance Adds #ETC/BNB and $ETC/USDT Trading Pairs".

Ethereum Classic, is in its part, a controversial coin as well. ETC ultimately settled down a bit, and at the time of writing, it was trading at $15.36, representing a single-day increase of almost 21 percent. It is now the only currency with a double-digit gain in the top 50 or nearly the entire market. Data from CoinMarketCap shows that the price of Ethereum classic starting moving north immediately after the announcement. ETC books will open in post-only for a minimum of one hour.

Other reports by Click Lancashire

Discuss This Article

FOLLOW OUR NEWSPAPER