Ethereum Classic Remains Immune to Market Volatility as Coinbase Finalizes ETC Support
Ethereum Classic has firmly entrenched itself as one of the biggest gainers for the last week of July 2018, rising 14% subsequent to Coinbase’s confirmation that ETC support is expected to roll out in the next few days.
ETC prices have risen steadily since the announcement, pushing against a bearish Bitcoin value held down by negative BTC market sentiment. Coinbase’s public affirmation of ETC support, issued on August 3, heralds the impending integration of Ethereum Classic support into the list of Coinbase-supported cryptocurrencies.
Our engineering team is beginning final testing of Ethereum Classic on Coinbase products. We expect final testing to be completed by Tuesday, August 7, at which point we expect to announce that we’re ready to accept inbound transfers of ETC.https://t.co/l7smcSY3q8
— Coinbase (@coinbase) August 3, 2018
Coinbase ETC Integration in Final Stages
Coinbase’s highly anticipated Ethereum Classic support integration will launch August 7, at which point the trading platform will announce the acceptance of inbound transfers. Inbound transfers will be enabled for 24-48 hours via Coinbase Pro and Coinbase Prime before trading is enabled, placing the launch of live ETC trading between August 8 and 9.
The launch of ETC trading on Coinbase Markets will be preceded by a post-only opening of ETC books with a minimum duration of 10 minutes in order to establish sufficient liquidity, at which point ETC trading will be enabled on Pro and Prime.
Coinbase Consumer accounts can expect to wait between one and two weeks for ETC support, with Coinbase stating that Consumer customers won’t be entitled to Ethereum Classic credits:
“Ethereum was not supported on Coinbase Consumer until after the fork, therefore there are no corresponding Ethereum Classic credits for Coinbase Consumer customers.”
Ethereum Classic Volume Increases
Ethereum Classic trading volume has surged subsequent to the Coinbase announcement, with daily volume currently exceeding $230 million USD. With daily Ethereum Classic transactions breaking through the 50,000 level and the current rollout of Coinbase GBP support, it’s possible that ETC could experience a dramatic breakout after Coinbase ETC consumer support is implemented in late August.
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