When Coinbase was asked about adding new crypto assets in March, no such coins were considered at that time. The addition of Ethereum Classic (ETC) is thus a welcoming news that led to positive price fluctuations of ETC in the market. The announcement on Monday by Coinbase led to a rapid increase from $13 to above $16 within an hour. The price was near about $15.50 late Monday night (ET). Coinbase is now progressing with the engineering work that is required to support Ethereum Classic.
According to the Coinbase blog, “customers can expect to see public-facing APIs and other signs that the asset is being added. 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.”
So, what are the reasons that made Coinbase bypass Ripple (XRP) and choose Ethereum Classic that is currently ranked at the 18th position on coinmarketcap.com?
- As per the Digital Asset Framework: Digital Asset Framework keeps tab of the performance of the crypto assets and estimates the stability and the prospects of the digital assets. Ethereum Classic accords to most of the points in the Digital Asset Framework. After almost two years of the hard fork, Ethereum Classic has the looks of a separate promising altcoin that has a good development team with a distinguished roadmap.
- Trading volume accordance: The market cap and daily trading volume of a crypto coin actually narrate its progress in the market. Ethereum Classic (ETC) shows a good trading volume for the past month with a value above $100,000,000 USD and sometimes over $200,000,000 USD. After the announcement of Coinbase regarding the inclusion of ETC in their list of crypto assets, the volume (24h) had jumped to nearly $686,019,000 USD on 12th June 2018. Also, if the trading volume is compared by analyzing the 30-day historical data of ETC from coinmarketcap.com then, compared to the other top-ranked coins, ETC shows more consistency.
- Probably Ethereum Classic was already being considered: Coinbase continues to keep tabs from the DAO hard fork that had occurred in 2016. At that time, it had resulted in a loss of nearly 3.6 million Ether tokens whose net worth was approximately $50 million. Those who held onto the coins they will most likely make a nice profit and load their wallets once they reach new heights or if they perform well enough in the near future. So, Ethereum Classic that has an enlarged community and a familiar name will obviously create an interest in anyone acquainted with the cryptocurrencies. It is also to be noted that Litecoin (LTC) had made some rapid progress after it was listed on Coinbase last year.
- Proven technology: Ethereum Classic sports a known technology and the wallet system is secure. It is unlikely to experience any glitches. Derivative instruments of the crypto coin are also present that have acquired the interest of many traders. The Coinbase users will be able to take advantage of this fact with the inclusion of the cryptocurrency.
- Approval of regulators: Coinbase is always careful to enlist cryptocurrencies that are accepted by securities or regulators. Another probable reason for enlisting ETC may be that Ethereum Classic is a platform asset and a utility coin. Ripple (XRP), on the other hand, was experiencing a little turbulence and some arguments that could be considered as a security. Moreover, the Thailand market authorities had recently approved Ethereum Classic (ETC) and Stellar (XLM). This way Ethereum Classic also made a more prominent mark in Asia.
“Coinbase will list assets only after they are listed on Coinbase Pro and Prime. After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add Ethereum Classic to the Coinbase platform. It’s also worth repeating that Coinbase Markets, Coinbase Pro and Coinbase Prime will likely have more assets listed on the platform than the Coinbase platform, i.e. listing on Coinbase Markets does not guarantee listing on Coinbase.”
- Coinbase Blog Post (medium.com)
A crypto coin making it to the list of an exchange is not a major news but, when it is Coinbase it is a major news. This is mainly because Coinbase is extremely selective and till date offers only four virtual currencies- Bitcoin, Ethereum, Litecoin, Bitcoin Cash. Also, unlike many other crypto exchanges, Coinbase prefers to work hand-in-hand with regulators. So, the addition of another cryptocurrency (Ethereum Classic) is surely a major news. The Twitter post of Coinbase on 12th June 2018 says, “We are pleased to announce our intention to add support for Ethereum Classic (ETC) on Coinbase in the coming months.” Ethereum Classic was itself busy recently as the developers had to introduce a hard fork of their own to remove the ‘difficulty bomb’. It was a part of the original Ethereum blockchain designed to increase the difficulty level of mining.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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