ETC Spikes 14 Percent Following Coinbase Announcement
On the 3rd of August, Coinbase, one of the largest digital asset exchanges in the world, announced that the last phase of the ETC listing on its platform has been reached. The exchange shared info on how backing and listing Ethereum Classic on the platform will bring immense gains and benefits for each of its products.
As per the update announcement, the exchange has stated that its team of developers is currently testing ETC on exchange products in its final phase. In addition, the testing is expected to be finalized by the 7th of August and expectations of announcements that Coinbase is ready for ETC transfers are in order.
Two years ago, the Ethereum hard fork resulted in several users operating of ETC on Coinbase Pro and Prime. Those that did not choose to withdraw funds are receiving the same exact ETC amount on Coinbase. Prior to the launch of the Coinbase Market for ETC, transfers will be permitted anytime between 24 to 48 hours through Coinbase Prime and Coinbase Pro.
Many rules are also attached to the exchange and are mandated, for example, a required and evident balance possessed by any trader in order to operate on the order book. Additionally, Coinbase will make all Ethereum Classic books available for 10 minutes at the very least after trading rules. Both extensions, Prime and Pro will begin trading Ethereum Classic following its liquidity.
The platform’s index will list Ethereum Classic through rebalancing and all listed assets on the exchange’s markets are added through a direct approach. Once enough liquidity has been achieved for ETC, it’ll see itself listed and backed by Coinbase Consumer seeing as how any cryptocurrency is only added to Consumer after listing on Coinbase Prime and Pro. As of now, ETC has seen a hefty and positive climb up around 14 percent within just one day and is currently priced at around $16.5 USD with a market cap of $1.7B.
Following its listing on Coinbase, Brian Kelly stated that the new spike in price was due the Coinbase announcement of their ETC trading plan and currently undergoing the last testing phase before official addition.
In terms of when and where the new cryptocurrency listing will be operational, Coinbase has not set any confirmed dates although the exchange has promised continuous updates on its status. Trading for Ethereum Classic will be present in any jurisdiction that Coinbase operates within.