The Bitpanda exchange, a leading crypto platform has declared plans to launch their own Ethereum Classic (ETC) exchanges. The reputable crypto exchange announced through an official Twitter post that elicited excitement among the crypto trading enthusiasts.
— Bitpanda (@bitpanda) November 27, 2018
reads the tweet.
What Is ETC?
The new move by Bitpanda is by far not surprising as ETC is by far among the most widely distributed Ethereum-branched asset in the market. The token has remained attractive for a while with a relatively liquid experienced with the latest sell-off. ETC also has an enthusiastic community of loyal supporters who are always backing it.
However, the recent sell-off was contrary to that notion. While a good chunk of the market was in the red, ETC took a worse hit as it kept dropping in price. Latest statistics show ETC has lost 48% of its value within the past two weeks and is now trading at $4.68. The slide has been happening for quite some time with the past few weeks witnessing steeper declines in the ETC prices.
The recent Coinbase listing of ETC also did little to help consolidate the price positions as ETC did not manage to stabilize enough to attract enough buying interest. The alteration of its trading profile led to the replacing of the Korean Won with the Tether pairs on the Asian exchange markets. With a considerable percentage of the trading in ETC/USDT pairs (over 48%), this leaves the crypto asset rather exposed to the unique risk of not being a stable coin.
Possible Bounce Back
Potentially, the Bitpanda listing may elicit positive reviews about ETC once again and result in the accumulation of new investors. Remember, Bitpanda is an ambitiously expanding crypto exchange in the Eurozone with various crypto deposit mechanisms, for example, the vouchers available in kiosks within Austrian crypto kiosks. Still, this is just theory as the recent NEO addition to Bitpanda saw its price witness a surprising further decline to $6.98 from highs of over $9.00.
The potential addition of ETC to the Vertpig crypto service could as well bring a significant boost to the current low state. The platform allows for a limited way of buying digital assets for cash without the need for accounts. Perhaps such a direction would grow ETC UK-based crypto enthusiasts who are the central niche of the Vertpig service.
When it comes to reputable crypto exchanges, Bitpanda ranks among the most prominent names regarding services. Its parent company, Bitpanda GmbH is a fintech company from Austria that specializes in crypto trading technology and retail brokerage options. The cryptocurrency broker platform specializes in trading services and opportunities around Europe. Bitpanda is also open to users worldwide with operations limited outside the SEPA region. This means their purchasing option is currently only available for EU members. Despite the limitations, the site boasts of over 900k users trading in BTC, ETH and many cryptocurrencies.