Ethereum Classic’s Price Goes Up by 20% After Coinbase Announces to Add the Crypto
Coinbase, the largest U.S.-based cryptocurrency exchange, has only supported four coins so far: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The addition of Ethereum Classic or ETC, announced on Tuesday, will happen “over the next few months,”
This will undoubtedly bring a new level of visibility to Ethereum Classic, which is a decentralized smart contract platform similar to Ethereum. In fact, Ethereum is a so-called hard fork of Ethereum Classic; it was created in July 2016 and the two projects share their blockchain history up until that point, though Ethereum got to keep the original name.
The announcement, which came in a Coinbase blog post, saw the price of Ethereum Classic spike from around $13 to over $16 in the hour after the news was announced. As of late Monday night ET, the price hovered around $15.50.
The exchange states that customers will begin to see public-facing APIs and other signs that the asset is being added to the platform while engineering work expands:
“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.”
Ethereum Classic, when integrated, will be available across the entire spectrum of Coinbase products, Coinbase Markets will add trading support for Ethereum Classic, and if ETC books achieve sufficient liquidity within a one-hour post-only opening, ETC trading will be available on Coinbase Pro and Prime, as dictated by Coinbase trading rules. Addition to Coinbase will occur after ETC is listed on Pro and Prime.
While other exchanges offer a wider selection of digital currencies to trade, Coinbase has elected to proceed cautiously while regulators evaluate the legal status of the currencies. The Securities and Exchange Commission has made it clear it regards many digital tokens as securities that must be registered, it appears unlikely, though, that long-standing cryptocurrencies like Bitcoin and Ethereum fall in this category.
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