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Ethereum Classic [ETC] pumps by 20% following imminent Atlantis Network upgrade

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Ethereum Classic [ETC] pumps by 20% following imminent Atlantis Network upgrade
Source: Pixabay

As the most successful week of 2019 for the cryptocurrency market comes to a close, Ethereum Classic [ETC] tops the chart as the highest gainer in the top-coins market. On the back of an imminent network upgrade titled Atlantis, ETC pumped by a whopping 21 percent against the dollar on April 7.

In an April 7 tweet, Ethereum Classic stated that a “community-wide meeting” was held among their network participants discussing the ECIP-1054 upgrade. The attached blog post spelled out the key points put forth by the community. The blog post was divided between the proposed changes to the network and the pertinent topics discussed.

Source: Twitter

According to the post, the proposed hard fork would be performed on block number 8,750,000 on the ETC mainnet. The post concluded by stating that all the proposed rules have been agreed upon by the parties concerned, which included core devs, miners, node operators, and other ETC ecosystem participants.

Further discussions regarding the Atlantis upgrade would carry on in the following days and months, ended the post. However, the ETC community responded positively to this encouraging meeting, with a massive bullish wave ensconcing the market.

Source: Trading View

Owing to Bitcoin’s [BTC] $5,000 surge, Ethereum Classic bumped up to $6.12 on April 4 and was then bogged down to under $5.45 by market correction forces a day later. The coin traded under $6 till April 6, prior to the Atlantis-induced pump.

Following the meeting, the coin’s price began to surge at around 0030 UTC on April 7, when the coin’s price skyrocketed from $6 by 17.83 percent to reach $7.07, the coin’s highest price since the November 2018. At press time, ETC took a slight hit, with the price dropping down to $6.83, but was still looking bullish.

The market cap of the coin has seen a $250 million top-up over the past few days, as the collective market enjoyed a bullish wave. Post the Bitcoin bulls, Ethereum Classic’s market cap stood at $610.71 million and increased by a whopping 26.8 percent to reach $773.88 million in a matter of 12 hours since the Atlantis hint was dropped.

In the midst of the fervor surrounding the imminent network upgrade, Ethereum Classic jumped over Zcash [ZEC], NEM [XEM] and Tezos [XTZ], to take the 19th spot on the ladder. At press time, the coin’s valuation of $749.64 million was behind the 18th placed Maker [MKR] by less than $30 million.

OKEx holds the highest ETC trade volume, accounting for 8.7 percent of the global trade, via the trading pair ETC/USDT. Trade dominance was fairly spread out, with other exchanges on the list including LBank, BitForex, Coineal, and DigiFinex.





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Whale Alert: Massive $300 million transfer takes place on Binance Chain; funds SAFU, says CZ

Biraajmaan Tamuly

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Whale Alert: Massive 300 million BNB Coin transfer takes place on the Binance Chain; CZ responds amidst transaction
Source: Pixabay

Binance, one of the world’s largest cryptocurrency exchanges, has been having a wonderful year in terms of new developments, such as their new Binance DEX and the massive growth of Binance Coin [BNB]. Binance’s native token has grown by approximately 500 percent in 2019 alone.

The exchange also recently announced the launch of BTCB, with an objective to provide a crypto-asset pegged to BTC’s value for trading purposes on Binance DEX, with the assets being backed by Binance itself.

Binance’s ecosystem is progressively active and it was recently observed and reported by Whale Alert, an online cryptocurrency-transaction tracker, that a sum of approximately $302 million, equivalent to around 8 million BNB coins, was transferred on the Binance Chain.

The transaction took place of 26th January 2019, with a time stamp of 07:52:56 UTC. It was sent from an unknown address, bnb1jkvrjawcd8wlugk8455wqjggxecyxj9uf0g7uy, to another unknown wallet, bnb13wmeg7ypkcr39wnzy2q02mku2qemnrm4kclezs, for a transaction fee of 0.000375 BNB. The block height of the transaction was #15820220, and it was deemed a successful one.

Following the massive transfer, Changpeng Zhao, CEO of Binance, responded on Twitter regarding the transfer and claimed that the current movement was a rotation of funds between some cold wallets.

CZ suggested with a linked tweet that the movement of funds should not necessarily raise any alarms as the funds were SAFU.

In another tweet, CZ  stated that there were currently 4 addresses that were holding 8 million BNB coins each. A total of $32 million BNB was unlocked for the Binance team. However, it was understood that the tokens were not spent and saved in the addresses themselves.

It is speculated that CZ took the initiative to list the reason for the massive transfer as previously, huge BTC transfers, which included a Coinbase wallet transfer, was accused of market manipulation.

At press time, BNB coin was priced at $37.30, experiencing a hike of 1.87 percent over the past 24 hours.





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