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Ethereum Classic [ETC] to be publicly-quoted on OTC market by Grayscale

Sthuthie Murthy

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Ethereum Classic [ETC] to be publicly-quoted on OTC market by Grayscale
Source: Flickr

The latest tweet from Ethereum Classic [ETC] announced Grayscale filing to list ETC trust on Publicly-Quoted Over-the-Counter [OTC] market. As per CCN reports, this move will allow investors to buy this fund through a retail brokerage.

Ethereum Classic’s tweet earlier this morning:

Ethereum Classic's tweet

Ethereum Classic’s tweet

This news was released during an interview conducted by CNBC with the Managing Director of Grayscale, Michael Sonnenshein who revealed that Canaccord Genuity, the trust’s broker-dealer had filed an application to have ETC Trust quoted on the OTCQX market earlier this year.

Individual trusts for Ethereum, Ripple, Litecoin, and Bitcoin Cash were also launched earlier this month by Grayscale which added to the lineup of previously included Bitcoin, Ethereum Classic, and ZCash trusts.

The announcement clarified that once the trust is publicly-quoted, shares can be purchased by retail investors through brokerage platforms. They can hold them in tax-advantaged accounts like IRAs but at present, shares are only offered through a private placement. It is limited to accredited investors who purchase a minimum of $10,000 worth shares.

Ethereum Classic [ETC] has declined by a negligible percent since yesterday. It is worth a net of $17.72 after the 3.80% downfall and has a market capital of $1.78 billion. Ranked 16th in the market, ETC is traded on OKEx, Huobi, and Bithumb among the top market volume exchange platforms. The ETC Trust will be the second product from Grayscale to be listed on an OTC market. Before this, the firm’s most popular product Bitcoin Investment Trust [OTCQX: GBTC] had been quoted publicly back in 2015.

A Twitterati comments:

“Go To the moon”

Another Twitter user commented:

“Litecoin is a very flexible currency. Seem ETC is your favorite or just pumping it!”

According to CCN reports, Grayscale has also launched a slew of new funds this year which has doubled the size of its product line, the most notable being the opening of a fund that holds the 5 largest digital currencies by capitalization, exposing investors to roughly 70% of market value aggregate.



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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
Source: Unsplash

The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU

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Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU
Source: Unsplash

Binance Coin [BNB], in the 24-hour time frame, has spiked by a massive 11.31% leaving other Bitcoin [BTC], Ethereum [ETH], XRP, and other cryptocurrencies to eat dust amid the doom-December.

In the 24-hour time frame, the BNB coin started trading at $4.63 with a market cap of $605 million on December 11, 16:30 UTC. The price dipped to $4.59 within a couple of hours but didn’t stay there for long as the prices saw four significant spikes.

Source: CoinMarketCap

The first spike propelled the price to $4.90 while market cap increased by $34 million, this was followed by a correction of prices to $4.83.

The prices couldn’t reach the $5 mark as the prices exhausted at $4.97. The third spike which was followed after the correction also lost the strength and ended up at $4.97.

The most significant rise was the one that took place on December 12, 16:10 UTC which propelled the prices beyond the $5 mark as it reached $5.15. The market cap also took a huge bump and reached $675 million.

The price fluctuation could be attributed to two reasons, the first being the launch of Binance DEX, which will swap the ERC20 token, BNB from Ethereum platform to Binance blockchain, which was announced by Binance and CZ.

It could also be due to a bug that was tweeted out by a Twitter user Uniswap.

The tweet stated:

“1/ WARNING: BNB providers

Due to a bug in the binance BNB contract it’s possible to add liquidity to the Uniswap BNB<>ETH liquidity pool but not remove it.

This bug is a variation on the “missing return value” ERC20 bug which affects several tokens.”

CZ replied to this tweet:

“Nothing new here. If you send token to a contract address, you won’t get it back. Just like if you send tokens to an address you don’t control for no reason, or a (valid formatted) address no one controls, you won’t have a way to get it back.”

CZ eventually being the humble person he is, tweeted out saying that people who had lost tokens due to this would recieve BNB from Binance.

CZ replied in subsequent tweets about this bug.

“Protecting users is not just talk. It requires action. Stay #SAFU!”

“One guy actually made quite a bit of profit out of his honest mistake. He sent it when it was cheap, and got it back when it was a big multiple.”

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