Ethereum Classic [ETC] sees 14% jump after Coinbase’s big announcement
Coinbase, one of the largest cryptocurrency exchanges, announced on Friday, August 3, it has reached the last stage of testing Ethereum Classic [ETC] for adding on to the platform.
The company revealed this in its official Medium blog. It read: “Our engineering team is beginning final testing of Ethereum Classic on Coinbase products. We expect final testing to be completed by Tuesday, August 7, at which point we expect to announce that we’re ready to accept inbound transfers of ETC.”
At 8.00 pm on August 3, the cryptocurrency which was trading at 14.741 USD, saw a steep rise to 16.829 USD, marking a 14 percent increase.
Ethereum Classic [ETC] 7-day price graph | Source: CoinMarketCap
ETC is facing severe seller pressure after the steep hike of 14 percent witnessed earlier today. The coin is currently trading at $16.194 and is dipping against USD by 2.19 percent. The hopeful buyers seem to have taken a step back from the stock as the prices are struggling to stay above the $16 mark. MACD records a bullish momentum and the 100 EMA line represents an uptrend. The prices have resumed an uptrend since the Coinbase announcement, however, it is doubtful whether the correction in prices will hold for much longer.
Coinbase announced it will be exploring 40 digital assets on Thursday. It can charge funds to be the custodian of the users’ digital assets.
The crypto exchange currently acts as custodian for four cryptos —Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC). They charge 0.1% a month in addition to a $100,000 set-up fee, according to company’s information last year as cited by Fortune. The new coins which are being considered include Ripple’s XRP, EOS, Monero (XMR), VeChain (VEN), Cardano (ADA) and Bitcoin Gold (BTG). For custodian service, custodians must store at least $10 million. Here’s a screenshot of the other cryptos to be added:
Image via Shutterstock
Join our telegram group