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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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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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