Ethereum Classic News And Price Analysis: ETC Loses 30 percent Since Coinbase Listing. Sunday, August 12
Ethereum Classic News
Bittrex Announces Adding Ethereum Classic Trading Pair
The crypto exchange and wallet service, Bittrex has announced the addition of Ethereum Classic (ETC) and Ripple (XRP) to its listed dollar market. The announcement says that the new additions will commence accepting orders on August 20.
The company said that it is using a phased approach in adding new coins to its USD market. The statement said, “In addition to broader acceptance, expanding fiat markets to the top digital currencies on our trading platform will help limit the dominance and influence of any one token over other blockchain projects – a necessary evolution if we’re going to unleash blockchain’s potential benefits for consumers and businesses.”
Ethereum Classic Price
Ethereum Classic Loses 30 percent Since Coinbase Listing
Announcement of listing for a particular coin is usually accompanied by price surge. It was not really different with Ethereum Classic when Coinbase announced on June 11 that it would list the coin. ETC value rose from $12.19 to $16.48 in just 2 days.
On August 3, Coinbase made another announcement that the listing had been scheduled for August 7, causing another surge in the price of the coin. By August 7, the coin was trading at $21.25 having risen by 50 percent. That has been the peak before a price reversal that has seen ETC lose 32 percent of its value.
The coin is presently trading at $13.51 following sell-offs that has always been the pattern of investors in the coin market. What happens is that an initially undervalued asset will have investors sell off when they believe that the price is valued enough to make them profit.
ETC Has Broken the $14 Support
Analysts predicted that Ethereum Classic would drop below the $14 support and the coin did as it presently sells at $13.51. the coin traded back in the bearish zone after the week’s gains.
ETC/USD Price Chart, Sunday August 12th:
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