Coinbase Commences Final Testing for Ethereum Classic

After recently announcing support for GBP currency on Coinbase, a tweet from Coinbase’s account announced that their engineering team has begun final testing for the inclusion of Ethereum Classic on the Coinbase platform. Along with this, the tweet mentions final testing is expected to be complete on Tuesday, August 7th, which would allow for inbound ETC transfers through Coinbase Pro and Coinbase Prime to begin.

The tweet also includes a link to the Coinbase team’s blog on Medium, which further outlines how ETC will be rolling out on Coinbase’s various services:

Once testing is complete on August 7th, the Coinbase team intends to allow 24-48 hours of inbound ETC transfers through their Coinbase Pro and Coinbase Prime services. After this, Coinbase will enable trading through Coinbase Markets, and once sufficient liquidity has been established Coinbase will then open trading through their Pro and Prime platforms.

Pre-2017 ETC Holders and Coinbase Consumer Listing

The Coinbase blog post outlines that customers who previously held Ethereum Classic due to the 2016 Ethereum hard fork, and who chose not to withdraw their funds before January 2017 will receive a corresponding Ethereum Classic Credit on their accounts. Coinbase also includes a couple of frequently asked questions in their blog post, explaining that their testing completion date of August 7th is an estimate and can be subject to change. Along with this, they specify that Ethereum Classic will be available everywhere Coinbase is supported, leaving no locations excluded from the listing.

Lastly, Coinbase has specified that once sufficient liquidity is established on Coinbase Pro and Coinbase Prime, Ethereum Classic will be listed on the consumer version of Coinbase. In the post, Coinbase estimates about one to two weeks of trading on the Pro and Prime platform before Ethereum Classic makes its way to Coinbase consumer.

Ethereum Classic Price Jumps Upwards

As a result of this announcement, Ethereum Classic saw a strong rousing in price, moving up around 14% to briefly reach highs of $16.97 before settling down at $16.43 at the time of writing. As long as the retrace doesn’t dip below the $16.00 level, this Coinbase announcement will have brought ETC back from the recent bleeding in price for Ethereum and various other altcoins.

Below is the 1h chart of ETC/USD on the BitFinex exchange:

Screen Shot 2018-08-03 at 11.22.04 PM

Chart is from TradingView.

Ethereum Classic’s Future After Testing and Listing

As the days move towards the completion of testing and its subsequent listing on Coinbase’s markets, it’s likely we’ll see another surge in ETC’s price. As liquidity is established, Ethereum Classic’s subsequent listing on Coinbase’s consumer platform will open it up to a massive amount of customers all over the world. While some believe that this listing will see Ethereum Classic’s price reach and surge beyond its previous all-time high of ~$42.00, with the recent trend of the market it seems unlikely to see such a strong performance.

News Coin Today is not a source of financial advice. Always do your own research before pursuing any financial investments. 

Bitcoin Drops Down to $7.5K Support

The USD price of Bitcoin dropped around 8-9% over the past two days, moving down from its previously settled support of $8,100 to reach lows of $7,460 before arriving at $7,538 at the time of writing.

While there is some support around the $7,200 range, Bitcoin’s price could swiftly drop to $6,800 or $6,600 if this is the beginning of a new downtrend.

Below is the 4h BTC/USD chart with the drop highlighted by the box:

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The mentioned supports of 7,200, 6,600 and 6,800 are shown below, also 4h BTC/USD:

Screen Shot 2018-08-01 at 6.01.45 PM

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It seems like the bull run which began from the low $5,800 range has tapered off and is now trading in the $7,750-7,550 range for the past 24h at the time of writing. We’ll have to wait to see whether the ~$7,500 support can provide a bounce back to test $7,700 and eventually $8,000 resistance levels again in the next couple of days.

Bitcoin’s current percentage of the total cryptocurrency market capitalization is currently 47.90% at the time of writing according to CoinMarketCap.

News Coin Today is not a source of financial advice.

News Coin Today Launches

shutterstock_595078307News Coin Today launches today!

– 11:09 GMT July 28th, 2018.

News Coin Today will provide weekly coin, altcoin reports, and whitepaper breakdowns, along with blockchain and cryptocurrency news.

We will generally cover Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, Litecoin, Ripple, NEO, EOS, along with many other coins as we look to provide a comprehensive news report of the cryptocurrency and blockchain industries.