Coinbase, which is one of the exchanges which deals with heavy traffic in terms of trading, also known for its concern regarding the matter of security has been supporting only 4 coins till now Bitcoin, Bitcoin Cash, Ethereum and Litecoin, and now Ethereum Classic.
Coinbase has announced its plan to add Ethereum Classic to its exchange, an alternate version of Ethereum, before Ethereum was forked.
Ethereum Classic was created in June 2016 which was followed by a major hack on the Decentralized Autonomous Organization (DAO) after which the community decided to go for a fork that rescued the lost funds that Ethereum suffered from the hack. The community which decided to go with the old rules and consensus were following it under the Ethereum Classic.
Ethereum Classic currently ranked at number 18
and with the news of Coinbase listing the coin the value of the coin has been up by 20% since, we may see the fluctuations in the prices, which would be a resultant factor of the speculative nature and the pump and dump of the coin.
A date for the introduction of ETC will be communicated via Coinbase blog and Twitter account in due course, according to the company.
Coinbase will be listing the coin in the near future and it had announced the launch prior to that for the reason being, there are tests to be conducted for the integration in relation to the new policy formulation and adding of the tokens.
A similar trend was also seen when the Bitcoin Cash was introduced last December, where the exchange saw wild price fluctuations and surge in the price of the Bitcoin Cash as soon as it got listed in the exchange.
Coinbase is announcing its intention to list Ethereum Classic ahead of time so that it can test integrations as part of its new policy on adding new tokens, but that move is also in response to concerns that around inside trading when the exchange added Bitcoin Cash last December.
Coinbase went so far as to investigate the incident which saw service outages and wild price fluctuations for Bitcoin Cash right after its addition to the exchange. This led to a speculation that the employees of Coinbase could have profited with the knowledge of Bitcoin Cash getting listed on their exchange, where they could have bought Bitcoin Cash from other exchanges knowing that it is going to be listed in Coinbase, thus significantly raising the price of the coin.
Indeed, the price hit a high of $8,500 on Coinbase and its GDAX service for professional investors, which was almost three times higher than the $3,500 price on all other exchanges. That led to speculation that Coinbase staff and insiders could have profited by buying BCH on other exchanges in the knowledge that it was about to be added to Coinbase, thus raising the price significantly.
The rise in the Ethereum Classic’s price is again a speculative phenomenon, do you think the coin will keep on surging? What is your opinion?
Image Courtesy for the featured image: ethereumworldnews.com
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