Ethereum Classic (ETC) joins Coinbase, sees market value crash by 14%, community blames Coinbase
August has been an unusual ride for the world of Cryptocurrencies, but it's been an even weirder one for the community of Ethereum Classic [ETC], a hard fork from mainstream Ethereum, has been rising over the past month with the news that it will be the latest cryptocurrency to be admitted to the cryptocurrency exchange, Coinbase.
But since then, ETC has been one of the many cryptocurrencies that have seen its market value decline, with Classic falling by over 14% over the past 24 hours.
The community of Ethereum Classic was quick to state that the 24-hour dump was due to ETC being a diversion from the real announcement, which was the launch of Coinbase Pro.
Currently, Ethereum Classic has been trading for roughly $16.21 and a total market capitalization of over $1 billion, and over the last hour, has fallen further. Before the inclusion of Ethereum Classic, it managed to outclass alt-coins such as TRON to become the 11th rated cryptocurrency, according to Coin Market Cap. However, ETC has gone back to its previous position and is trading at the 13th position.
On the 7th of August, Coinbase announced that the final testing of Ethereum Classic was complete, and that the platform will be able to accept ETC transfers from users, and would be available for users of the Coinbase Prime and Pro platforms, with future implementation on the Coinbase.com platform.
Twitter users were quick to react due to the news:
Uuuum it’s only going down down down ! 🤦🏽♀️
— Kiam Barrese (@queenofglam) August 7, 2018
Let the dumping commence
— Bitcoin-Fund-Manager.com Blockchain Cryptocurrency (@OTC_Bitcoin) August 7, 2018
$etc fomoers getting ready to deposit n dump pic.twitter.com/W3XZ3YfIqM
— Ace (@HackermanAce) August 7, 2018
The opinions on why Ethereum Classic was falling has been divided in terms of whether or not it's a good or bad thing for those looking to investors. Some believing that its a warning to stay away from it as an asset, while others believe that now is the opportunity to capitalize on ETC cheaper price.
Nice run-up in $ETC leading to the event but it looks like the typical “sell the news” reaction. No surprise there. At best, it's due for a pause here. pic.twitter.com/u43gvSbwiq
— Node Investor (@NodeInvestor) August 7, 2018
It took less than 10 minutes
— David M (@entelijant) August 7, 2018
When asia wakes up there will be even a bigger dump
— Daithi (@DaithiGmail) August 7, 2018
