Ethreum Classic breaks all records thanks to support from Coinbase

The announcement of trading support for the Coinbase Ethereum Classic crypto exchange provoked a rapid increase in the value of the asset.

The night of June 12 was marked by an unprecedented jump in Ethereum Classic by 25%. The price began to rise immediately after the official publication of Coinbase about inclusion in the listing of Ethereum Classic. Within half an hour, the price rose from $12.88 to $16.15, and the trading volume doubled in just one hour from $120 million to $280 million. By the morning, the passions had subsided slightly and the ETC rate dropped to $15.7, which gives a 21.85% increase over the last 24 hours.

Such an announcement from the crypto exchange sounded extremely unexpected for users. Since the beginning of the year, the platform has stated that none of the digital assets it is considering are planned to be added. The policy of selecting new currencies for the company's listing has been criticized more than once and accused of being unsystematic. Many see elements of randomness in the mechanism for selecting new assets. Bitcoin Cash was added almost immediately after its appearance, just a few months later, while Ethereum Classic had to wait about two years for support. Coinbase's listing criteria are extremely confusing, which may be the reason for the small number of cryptocurrencies listed, but their trading volume is quite high. The company does not officially state the reasons for choosing Ethereum Classic, but emphasizes its readiness to add pairs based on ERC20 tokens and Bitcoin forks to the platform in the future.  

The leading cryptocurrency platform celebrated the beginning of the integration of Ethereum Classic. In the process of developing and implementing the mechanisms necessary for listing, API interfaces and other signs of adding an asset will become available. The completion of technical integration is planned for September 5, at which time the final date for the start of ETC trading will be announced.

Coinbase promises full support for Ethereum Classic, which means that the asset will be added to all exchange services Coinbase, Coinbase Markets, CoinbasePro (GDAX), Coinbase Prime. Coinbase Custody cold storage and support for Ethereum Classic deposits and withdrawals will also be available. After the official launch of trading, Ethereum Classic will join the number of assets supported by all Coinbase services and, in accordance with the coin index methodology, will be included in the Coinbase Index Fund, providing convenient access to digital assets..  

In addition, the addition of Ethereum Classic allows holders of Ethereum balances on the Coinbase platform at the time of the fork in 2016 and who did not manage to withdraw their ETC coins before January last year to exercise this right.