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Ethereum Classic [ETC]’s 25% flash surge following Binance and Coinbase announcements

Sthuthie Murthy

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Ethereum Classic [ETC]'s 25% flash surge following Binance and Coinbase announcements
Source: Pixabay

It is not a surprise to see a cryptocurrency’s price shoot up when one of the exchange adds a trading pair or lists the coin itself on its platform. It is true the other way too at times, when an exchange is hacked or delists a currency, the prices have been observed to dip tremendously.

An illustration of the price shooting up is Ethereum Classic which will be supported by Coinbase in the coming months also, Binance announced two trading pairs inclusive of Ethereum Classic in both.

Coinbase:

“We are pleased to announce our intention to add support for Ethereum Classic (ETC) on Coinbase in the coming months. We are announcing this both internally and to the public consistent with our process for adding new assets.”

They will begin the engineering work for supporting Ethereum Classic [ETC] for which users can expect to see public-facing APIs and other signs that for the addition of the digital asset. “When we reach the final testing phase of the technical integration, which we expect to occur over the next few months, we will publicly announce a launch date for trading via our blog and Twitter,” declared their post.

They plan to offer ETC support in all geographies where the asset is compliant with local law and what this means for their list of products is clearly explained on their official website blog post. Additionally, Coinbase has credited everyone who had Ethereum balance during the hard fork in 2016 and did not withdraw. Ethereum was only supported by GDAX during the hard fork and before that until July 2016. Support for Ethereum was added on Coinbase after the hard fork and only exchange users with Ethereum balances were eligible for ETC withdrawals.

Kevin Pham, a crypto enthusiast says:

“LOL at people that don’t trust Facebook with their data but trust @coinbase. You people just don’t learn….”

Barry Silbert, the popular figure in the media tweeted to Coinbase:

“Bravo!”

The second boost to Ethereum Classic today is the addition of Trading pairs on the world’s largest crypto exchange platform – Binance. A day ago, Binance listed TRX/USDT pair as support to Tron’s Main Net migration. It is now Ethereum Classic’s turn but without any Main Net reasoning.

Binance:

“#Binance Adds #ETC/BNB and $ETC/USDT Trading Pairs.”

According to their announcement, Ethereum Classic [ETC} will be available to trade against Binance token [BNB] and Tether [USDT] as separate pairs from today i.e. 12th of May 2.30 AM [UTC].

Both the announcements have made wonders to the currency which was a result of the hard fork of the original Ethereum [ETH] Network in July 2016. Ethereum Classic which is the 18th largest cryptocurrency in the world gained about 25% within the last 24 hours. After the catapult gain, ETC is now trading at $15.59 with a market cap of $1.59 billion. It is currently the only currency with a double-digit gain in the top 50 or almost the entire market.

CNBC’s Fast Money also tweeted:

“Ethereum Classic $ETC up 25% following @coinbase announcement.”

Igor Artamonov, an ETC developer tweeted:

“Ethereum Classic is a cryptocurrency that was the result of a hard fork of the Ethereum network in July 2016” is correct, but written in a way that will confuse people into thinking ETC is a fork.”

Not to forget, the Binance Coin [BNB] which was added against ETC on Binance today has seen an increment of 10.87% since the past 24 hours. Ranking at the 16th position, BNB is currently trading at $16.03 with a market cap of $1.82 billion.

Ethereum Classic has also been in news for various other announcements off-late like the Thailand regulatory framework that was released recently permits ETC along with few other top cryptocurrencies. The team of ETC has also come up with a roadmap. So far things are all on the brighter side for this currency when the entire market is thriving to stabilize itself.

Blockchain-NetSEC tweeted:

“$etc on fire.”



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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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