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What led to Ethereum Classic (ETC) listing on Coinbase?

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Ethereum Classic
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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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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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