Coinbase Effect: ETC Price Jumps 25% After News of Upcoming Listing
Maybe the famed “Coinbase Effect” is real. After US-based Coinbase announced that they will soon support trading for Ethereum Classic, the token jumped over 25% within hours.
Coinbase announced on Twitter:
We are pleased to announce our intention to add support for Ethereum Classic (ETC) on Coinbase in the coming months.https://t.co/bUG4iLUr2J
— Coinbase (@coinbase) June 12, 2018
The most popular US based exchange accompanied the Tweet with a blog post that stated:
“W will now begin the engineering work (Step 4) for supporting Ethereum Classic. As part of this process, 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 (Step 5).”
Coinbase had announced in May that it would like to start supporting ERC-20 tokens as well, although no specific tokens were mentioned. It had acquired Keystone Capital recently for its trading licenses, which could open the door to trading securities, of which most ERC-20s are considered. Is it time to load up on some of the bigger ERC-20’s?
Ethereum Classic resulted from a hard fork after the infamous DAO hack in 2016.