Coinbase Announcement Sends Ethereum Classic Price Up 14%

Coinbase is following up on plans to open up Ethereum Classic trading to its Pro and Prime members, and Friday 3rd’s announcement sent the ETC coin price bounding to 14% gains within the space of an hour.

Sixty Minutes of Green

At 21:00 UTC Classic’s coin price was sitting at $14.82 – that was moments before the announcement came. What followed was a 14% spike in sixty minutes, as ETC climbed to a unit valuation of $16.92. Since then the price levelled off around the $16.60 mark, with the last thirty minutes in particular showing a very sizeable dip down to $16.22.

The daily volume has more than doubled since the time of the spike, jumping from $145 million to the current sum of $300 million. Almost 24% of that has come from OKEx where USDT and BTC trades dominate. In fact the vast majority of ETC’s trades come against Tether and Bitcoin today, with Ethereum and KRW trades making up only a few percent of the total.

Whether you believe the promise of a Coinbase listing (open only to those with advanced memberships) was enough to radically alter the coin’s sentiment will be dependent on your temperament. It’s likely is that rumour-buying on the exchanges also plays a big part during moments such as these; and the price may see a correction soon as short-termers cash out.

Regardless, ETC is closer to the weekly high of $17.23 than it has been since July 30th, after losing 18% in the last calendar week.

Coinbase Announce ETC Deposits

Deposits will be open for Prime and Pro members on August 7th, according to this tweet from the Coinbase team, with final stages of testing continuing up until that time:

“Our engineering team is beginning final testing of Ethereum Classic on Coinbase products. We expect final testing to be completed by Tuesday, August 7, at which point we expect to announce that we’re ready to accept inbound transfers of ETC.”

From that point, deposits will be accepted for two days before trading is actually commenced, as per a follow up tweet:
“We intend to allow 24-48 hours of inbound transfers before enabling trading of Ethereum Classic on CoinbasePro and Prime.”

For those Ethereum Classic traders who only have the basic Coinbase membership, plans are afoot to open up ETC to the regular customers, as per this tweet from earlier this morning:

“We plan to add support for ETC on Coinbase Consumer when sufficient liquidity is established. We expect this to occur approximately 1–2 weeks after trading begins on Pro and Prime.”

Good news perhaps, but keep an eye on the ETC price over the next few hours as it just begin to dip to $16.20 at the time of writing.

Featured image courtesy of Shutterstock. 

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.