Saturday, June 10, 2023

The recent story with Ethereum Classic


The Ethereum Classic (ETC) has recently grown by as much as 19%, thanks to the Coinbase crypto exchange in San Francisco, which announced the inclusion of a coin in its Coinbase Consumer program and placing it on the list. Thus, users and customers of crypto exchanges will soon be able to purchase a coin both on the official site of the crypto exchange and in its mobile application. It is reported that the launch of the coin on sale will be available later, August 16.

According to CryptoGlobe, Coinbase previously reported its intentions to include Ethereum Classic (ETC) in its trade list, and, at about the same time, another crypto exchange, Binance, added trading pairs from ETC to its platform, which led to an increase in the price of the token on 20%.

Earlier this month, Coinbase reported that the platform is at the final test stage before developers can finally enter support for this cryptocurrency on their platform, which helped the price of Ethereum Classic (ETC) to rise to the highest price mark for three months – $ 21. Recall that the absolute maximum price of the token, $ 47, was reached in January this year.

It is worth noting that, following the announcement of Coinbase, almost immediately, another platform, Robinhood, which provides the possibility of commission-free trading, also announced its intention to include support for Ethereum Classic (ETC), which also helped the price of the token grow slightly before he felt small corrective movements earlier in August 16.

It is important to note that as soon as any cryptocurrency hits the Coinbase platform, its price usually rises rapidly. This regularity has already come up with a name in the crypto community – the “Coinbase effect”. Now, the effect of Coinbase wast felt by Ethereum Classic (ETC). This effect, partially, can be caused by rising liquidity in the market, as Coinbase has an extensive audience (almost 20 million accounts were created on the platform). Not so long ago, Coinbase director, Brian Armstrong, said that over the past year, crypto exchange has received 50,000 new users daily. Recall that last year, crypto exchange from San Francisco also added Bitcoin Cash (BCH) token on its platform, but its price soared rapidly shortly before the official statement of cooperation from Coinbase.

At that time, many believed that there was a leakage of information, in other words, the crypto exchange was suspected of intentional pumping and insider trading. However, a little bit later, after the internal investigation, it was found out that the exchange had nothing to do with this event, and also the accusations of insider trading and information leakage were refuted.

At the moment, the Ethereum Classic (ETC) coin is one of the most recent cryptocurrencies on the Coinbase crypto exchange lists. Soon after the announcement of ETC support, Coinbase announced that they also have views on such tokens as Cardano (ADA), Basic Attention Token (BAT), Stellar (XLM), ZCash (ZEC) and 0x (ZRX).

In a subsequent post on his blog, Coinbase revealed the details of opening own savings service for institutional investors, it’s about the so-called Coinbase Custody, which already supports a number of tokens, such as XRP, NEO, XMR, and EOS. The company recently increased its investor interest in its Index Fund, reducing the commission for using it from 2% to 1%.

Get The Latest Cryptocurrency News First - Join Us In Telegram

Recent Posts

Most Popular