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Ethereum Classic (ETC) Development Team Shuts Down Operations Due to Funding

In a tweet only hours old, the team in charge of development at Ethereum Classic (ETC), threw in the towel citing funding difficulties that made it hard for them to continue operations. The tweet included a screenshot of an announcement from ETCDEV’s founder and CTO, Igor Artamonov, that stated the following:

As is publicly known we have struggled with funding our operation in the last few weeks. This was partially due to the market crash, combined with a cash crunch in the company.

We appealed to investors in the ecosystem as well as external to it. We also did the community fund, but in none of these cases were we successful in securing short-term financing.

The full tweet can be found below.

Does This Mark the End of The Road for Ethereum Classic?

Further checking coinmarketcap.com, ETC has fallen 13.3% in the last 24 hours due to the news of the development team throwing in the towel. Early Monday found ETC trading at around $5.08. The digital asset is now valued at $4.52 as news continues to reach the crypto-verse about the fate of ETCDEV.

ETC had shown some much needed momentum when it was listed on Coinbase this August. However, any market gains have been eroded by the bear market. The announcement by ETCDEV might be the nail in the coffin that seals the fate of ETC in the markets.

A Polite Plea for Funding From the Community

On the 2nd of December, the team at ETCDEV had asked the ETC community if they would be willing to help fund operations at the development company. 59% of a total of 692 community members responded that they would NOT contribute to fund ETCDEV. A screenshot of the current results can be found below.

Who is the Ethereum Classic (ETC) Development Team

According to the team’s website, the ETC Development team is responsible for the following functions in the Ethereum Classic ecosystem.

ETCDEV is a leading Ethereum Classic development company with a strong focus on decentralized computing providing long term support for the ETC blockchain.

The ETCDEV team maintains Classic Geth, the main client for the ETC blockchain. We also contributed original projects, such as Emerald to help others develop on the ETC blockchain, Emerald Wallet for end users, and SputnikVM as a standalone, modular, embeddable and IoT ready EVM.

What are your thoughts on the Ethereum Classic Development Team ceasing operations due to funding?  Is this the end of ETC? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Ethereum Classic (ETC) Development Team Shuts Down Operations Due to Funding appeared first on Ethereum World News.

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Bittrex Official Adds XRP/USD and ETC/USD Pairs

Popular crypto exchange, Bittrex, has officially added XRP/USD and ETC/USD trading pairs effective August 20th, 2018. In the Twitter announcement that was made on the same day, the team at the exchange stated the following:

Today, we’re adding XRP and ETC to our USD (Fiat) markets in addition to previously announced USD pairs for Bitcoin (BTC), Tether (USDT), TrueUSD (TUSD) and Ethereum (ETH).

Crypto Community Response

The XRP community seemed the most excited about the new pairings with the USD. One twitter user would express his excitement as follows:

Smart choice adding the #XRP – USD pair! Lots of people been waiting patiently for this moment. The #XRPCommunity thanks you : ) lets make #xrpthestandard

Even the CEO of SBI Holdings, Yoshitaka Kitao, would tweet about the new development at Bittrex:

Market Response

Both Ethereum Classic (ETC) and XRP seemed unaffacted by the announcement by Bittrex adding USD pairings with both digital assets. XRP is currently trading at $0.33 at the moment of writing this and down 1.52% in the last 24 hours. With respect to ETC, its is valued at $12.80 and down 1.71% in the last 24 hours.

The general crypto market is showing some sideways movement with Bitcoin (BTC) stable around the $6,400 to $6,500 range. The total crypto market capitalization is also oscillating between $207 Billion and $211 Billion at the moment of writing this.

Bittrex partnering with Ripple

The addition of the XRP/USD and ETC/USD pairs comes a few days after the Ripple company informed the cryptoverse about new partnerships with the three exchanges of Bittrex, Bitso and Coins.ph. The purpose of these partnership is to further the efficiency of Ripple’s xRapid payment solution. These three exchanges will serve to convert fiat to XRP, and vis versa, during cross border payments between the three countries (U.S, Mexico and the Philippines) that will be facilitated by xRapid.

XRP Community Appeal to Binance

The XRP community has continued to be relentless in convincing the management at Binance to add their favorite digital asset as a base pair on the exchange. The community has also convinced the CEO of SBI Holdings, Yoshitaka Kitao, into joining the appeal to Binance as can be seen in the following tweet.

In conclusion, both XRP and ETC continue to expand as witnessed with the addition of USD pairs on Bittrex. The availability of these two digital assets on more exchanges will add to their liquidity in the markets.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Coinbase Index Fund Adds ETC, Minimizes Fee To Charm Investors

The market has tumbled by over 5%, but this has not stopped the development of cryptocurrency products from moving forward. As Ethereum World News reported previously, the Coinbase Index Fund was launched in mid-June, opening its doors for accredited investors willing to allocate a minimum of $250,000 to up to $20 million to this fund.

The fund works as follows — the assets supported by the fund are weighted by market capitalization and then added to the product as such. So an investor who invests $1 million in the fund today would get $720,000 of Bitcoin, $190,000 of Ethereum, $20,000 of Litecoin, $60,000 of Bitcoin Cash and $10,000 of Ethereum Classic.

However, upon the release of the institutional-focused products, some investors expressed worries about the fees and lack of support for a wide range of crypto assets. But as a Medium post from Coinbase Asset Management alludes to, these worries are being addressed with two new improvements that will be implemented into the firm’s in-house index fund.

Coinbase’s Bid To Attract Investors

Firstly, the premier cryptocurrency platform revealed that it would be reducing its management fee for the Coinbase Index Fund to 1% annually. This is a hefty 50% reduction in fees as Reuben Bramanathan, the Product Lead at Coinbase Asset Management, alluded to in the following comment:

“We’re pleased to announce that we are reducing the annual management fee for Coinbase Index Fund from 2% to 1% for all new and existing investors.”

The Coinbase executive went on to explain the reasoning behind this reduction, noting that this move was made to “attract investors who are familiar with lower-fee index funds in other asset classes.” Hopefully, this decrease to a bare minimum fee should entice institutional investors to invest into this flowering asset class, which may be needed in a today’s bearish market. This just might be a primary catalyst that may bring vast amounts of institutional interest into this market, driving adoption, innovation, and prices to new all-time highs.

Secondly, the Coinbase Index has been rebalanced to include Ethereum Classic (ETC) to account for last week’s listing of ETC on Coinbase’s array of products. This move was not unexpected, as a post from the cryptocurrency giant mentioned ETC support for the index fund. Along with announcing investor “exposure” to ETC, Bramanathan noted that the fund will continue to add assets moving forward, including the five cryptocurrencies (Cardano, Basic Attention Token, Stellar Lumens, ZCash, 0x) mentioned in a previous announcement.

This is just another move that brings validation to Ethereum Classic, which has been mentioned in headlines all across the industry as of late. Over the past weeks, ETC/USD support has been added to Coinbase as aforementioned, Robinhood and Bittrex, which will only increase the amount of fiat inflow this asset sees in the future.

Many are hopeful for the success of this product, as many believe that an influx of institutional interest can right the sinking ship that is the current cryptocurrency market.

Photo by Samson Duborg-Rankin on Unsplash

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Selling Bitcoin Because of ETF Delay is a Wrong Decision, Says Brian Kelly

Cryptocurrency trader and CEO of BKCM LLC, Brian Kelly, has faulted investors who are jumping on the selling bandwagon to dump their Bitcoin in the wake of the latest SEC decision to postpone the approval of yet another ETF.

ETF Rumour Contributed to Bitcoin Price Rally in July

Speaking to CNBC on Tuesday, shortly after the decision by the SEC to delay the VanEck/SolidX ETF, Kelly advised traders not to get caught in the frenzied panic that usually follows such news. According to Kelly:

Bitcoin has had a tremendous run off of $5,800, and that was all really because people thought there was going to be a Bitcoin ETF. The SEC came out and postponed that decision.

In the aftermath of the decision, BTC price went downhill, even reaching $6,100. However, Kelly believes it is a poor investment choice to panic sell because the SEC delayed another Bitcoin ETF. According to Kelly, there is more going on beyond the prospect of a BTC ETF. In fact, the BKCM chief doesn’t think there will be an SEC-approved Bitcoin ETF in 2018.

A little spoiler alert, on September 30, SEC will likely postpone it again, because the market is not ready for it and the SEC hasn’t had the answers to their questions yet.

A lot of the SEC’s reticence on the matter is based on a few fundamental issues with the market. Questions over custodial tools, lack of liquidity, and allegations of price manipulation continue to trail the market.

Reasons for the Ethereum Classic Price Surge

In another development, Ethereum Classic (ETC) has been enjoying a significantly great run over the last few weeks. The 13th-ranked cryptocurrency is up by almost 30 percent over the previous 30 days. According to Kelly, this price rally is due to an increase in the crypto’s adoption namely by Robinhood and Coinbase.

Earlier in the year, Coinbase, the largest cryptocurrency exchange platform in the United States announced that it was considering adding ETC to its trading catalog. In August, the platform finally launched ETC on its institutional trading desk with plans to launch the coin on its retail side as well in the coming weeks.

Robinhood, the Menlo Park-based based crypto trading platform also announced the addition of ETC to its trading platform as well. According to Kelly, these additions have created the first meaningful institutional access to Ethereum Classic, hence the massive price surge.

Do you agree with Kelly’s comments about not selling Bitcoin after the SEC decision? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.

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Bittrex To Add Fiat Support For Ethereum Classic (ETC) and XRP

Bittrex Introduces Plan To Add ETC/USD and XRP/USD Trading Pairs

On Wednesday, Bittrex, one of the foremost exchanges in the cryptosphere, announced that it would be “rolling out more USD (trading pairs).” This news comes after the exchange’s move to begin offering fiat support, which many community members saw as a long time coming for such an influential exchange.

The Seattle-based startup added that this recent announcement is in-line with its so-called “phased approach” to fiat support, whereas Bittrex adds more markets (trading pairs) and customers over time rather than all at once, which may help to reduce stress on Bittrex employees and systems.

Explaining the reasoning behind the addition of USD markets, Bittrex’s communications team wrote:

“We’re going to continue adding tokens to our USD markets, providing our customers even more convenient, fast and secure trading options as well as access to some of the world’s most innovative blockchain projects.”

As well, it was added that the Bittrex team sees this as a step towards the growing the adoption and acceptance of blockchain technologies all across the world.

In the aforementioned post, it was added that Bittrex will be adding Ethereum Classic and XRP support by August 20th, with these two additions joining the company’s exclusive lineup of four other fiat-supported cryptos, which are BTC, ETH, USDT, and TUSD.

With this move, Bittrex will become one of the first exchanges to support a USD/XRP pair, which many see as an ambitious move, as it remains to be seen whether XRP is classified as a security by U.S. regulatory bodies.

For now, not all users will be able to buy these cryptos with fiat, as Bittrex has only enabled this new feature for customers “who reside in eligible states and qualified international regions” and who hold the required documental prerequisites. Bittrex currently has a daily volume figure of approximately $80 million, which is by no means a figure to scoff at.

Ethereum Classic Proponents Rejoice

While the market isn’t looking all too healthy, instances of positive news surrounding Ethereum Classic remains at an all-time high. This piece of Bittrex news comes alongside similar announcements made by Coinbase and Robinhood, who also recently integrated Ethereum Classic into their respective crypto trading platforms.

More on Coinbase’s move to list ETC, today came with Coinbase Pro seeing the successful launch of the ETC-USD order book through, with fully-fledged trading features being now available for the platform’s expansive customer base.

While Ethereum Classic is posting a 13% loss today, many investors see the aforementioned news as long-term bullish signals, as the implementation of this asset onto some of the world’s most prominent platforms will only boost adoption and real-world use in the near future.

Photo by Artem Bali on Unsplash

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Ethereum Classic (ETC) Ambushes Tron and Monero, Going For IOTA

At the moment, Ethereum Classic (ETC) is ahead of Tron and Monero and its running after IOTA. Nothing is behind this progress than series of announcements made about the coin by Coinbase.

Last week Friday, shortly after Coinbase announced that it is adding Ethereum Classic to its platform, there was euphoria in the cryptocurrency community resulting in the price of ETC moving from $14.22 to $ 16.92.

As at press time, Ethereum Classic is at the 11th position, a point ahead of Tron which hangs at the 12th position and Monero at the 13th position.

Yesterday, Coinbase exchange declared it has perfected the final testing for Ethereum Classic (ETC).

In a tweet, it announced:

“Following last week’s update about the final stage of testing for Ethereum Classic [ETC], we are now accepting inbound transfers of ETC on @CoinbasePro.”

Now, ETC has been launched on Coinbase Pro, and once there is enormous liquidity for the cryptocoin, it will be listed on Coinbase.com as well.

Once Ethereum Classic fully lands on Coinbase.com, there is hope that the price of Ethereum increases in the market, while the market cap and its 24 hours volume, which at the moment are at $1.7 Billion and $549 Million respectively, may increase as well.

Where Is IOTA, Tron, And Monero

Although, IOTA is ahead of ETC in the crypto market, Tron and Monero are below Ethereum Classic in the market. The two latter coins have close market caps of $1.67 Billion and $1,66 Billion respectively.

However, ETC, which is ahead and driving close to IOTA (With a market cap of $1.8 Billion) has a potential of increasing in market cap any moment.

Robinhood Adds Ethereum Classic Ahead Of Coinbase

The recent boom in the price of Ethereum Classic cannot be linked to Coinbase alone since Robinhood declared on Monday that it has launched Ethereum classic (ETC) on its trading platform.

The US based platform has extended to California, Massachusetts, Missouri, and Montana, and at the moment, it has gained entry into 19 states including Georgia and Iowa.

Coinbase And Crypto Society

Coinbase has a great influence on the cryptocurrency society. The exchange, once it announces it is adding a coin, or there is rumour it is adding a particular coin, the price of the coin will skyrocket.

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Here Is Why Now Is A Good Time To Get Some Cheap XRP and Other Digital Assets

The cryptocurrency markets have over-reacted to the news of the SEC postponing making a decision on the CBOE Sponsored Bitcoin (BTC) ETF. Just yesterday the total cryptocurrency market capitalization was stable at levels of around $254 Billion. The level at the moment of writing this, stands at $231 Billion: a decline of $23 Billion and 9%.

The King of Crypto has also suffered from the news and is down 8.11% in the last 24 hours and trading at $6,530. BTC dominance has once again increased to levels of 48.6% indicating that some traders prefer BTC during times of turmoil, rather than cashing out to USDT. Of course there are others who prefer to completely cash out to USDT.

Looking at Ethereum (ETH), the pioneer of smart contracts is down 10% and currently trading at $369. This is the lowest ETH has been all year long. Looking at XRP, our favorite remittance coin is trading at $0.3529 and down a whopping 14.44% in the last 24 hours. The last time XRP was valued at this level was back in mid December last year right before the magnificent bull run it had up to around a value of $3.82.

Mati Greenspan, Senior Market Analyst at eToro, has even bought some XRP and stated the following via twitter:

It’s not a lot but I bought some $xrp just now since it’s at the lowest price of the year.

This is not investment advice!!

The full tweet can be seen below:

Looking at Bitcoin Cash (BCH) it is down 12.32% and trading at $622. This current level is not too far from the value of BCH when it was launched a year ago. Coinmarketcap places the initial value of BCH back in August 2017 at approximately $555. This is the proverbial factory reset for BCH.

EOS has also succumbed to a 15.63% decline and currently trading at $6.01. It seems like the gains the coin had achieved with the Mainnet launch have been erased in an instant. This is a good time to get some EOS considering the fact that the entire crypto-verse is eagerly waiting on what the platform can achieve in terms of smart contracts and being DApp development and support.

Litecoin (LTC)

The last time Litecoin (LTC) was valued at its current price of $66.71 was way back in mid November last year. Now you can understand why Mati Greenspan of eToro believes that LTC is massively discounted right now.

In conclusion, the current over-reaction due to the SEC announcement to delay their ruling on the Bitcoin ETF can be a good entry point for any new investor who was hoping for the big dip before the anticipated bull run leading up to the holiday season in November. Of course there are the HODLers who have been massively affected by the sudden decline in the markets, but they is a reason they are HODLing their favorite digital assets. They know that this event of a decline is only temporary and the markets will recover in a week or two.They have seen the bigger picture that is crypto and blockchain technology and consider the current events as growing pains.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Coinbase Increases Daily Cryptocurrency Transaction Limit to $25,000, Enables Instant Trading

Coinbase, the largest cryptocurrency exchange platform in the United States, has taken another step in improving the user experience of traders on its platform. The San Francisco-based exchange service has increased its purchase limit from $25,000 a week to a day.

Daily Cryptocurrency Purchase Limit Now at $25,000

Coinbase, on Tuesday (August 7, 2018) announced some changes to its trading policies geared towards improving the user experience of its customers. The platform announced the changes via a post on its blog.

Traders using the San Francisco-based cryptocurrency exchange platform can now purchase up to $25,000 a day, instead of $25,000 a week. With this 7x increase, US customers can avoid multiple layers of approval and inconvenient delays when purchasing cryptocurrencies. The exchange platform decided to raise the threshold to give its customers a seamless trading experience.

Coinbase Cancels Buy/Sell Limits

The cryptocurrency exchange platform has done more than increase the purchasing limit. It has also canceled the restrictions on how much a client can buy or sell at a time. This can take effect after the client’s funds have reached the startup’s wallets.

Before now, clients using the Coinbase accounts had limits to the amount of cryptocurrency that could be purchased or sold due to security and regulatory compliance issues. These limits, however, varied and was based on factors such as payment method used, purchase history, account age, amongst others.

These restrictions have unfortunately made transactions a chore, as they became tedious and time-consuming. In trying to make cryptocurrency transactions less exhausting, Coinbase decided to cancel buy and sell limits for ease and convenience.

Instant Trading

Taking effect on August 7, 2018, Coinbase customers can trade cryptocurrency immediately after making their purchase. They would no longer have to wait for five days for funds to settle.

The San Francisco-based exchange platform says that these new features will apply only to U.S. customers who have completed the identity verification process. According to the blog post:

With this update, customers will receive an immediate credit for the funds being sent from their bank account. They can then buy and sell crypto to and from their USD wallet right away, but cannot send their funds off the Coinbase platform until the funds coming from their bank have settled.

Coinbase announced on August 7th that it had successfully launched Ethereum Classic and was accepting transfers of the digital asset. The cryptocurrency exchange platform also happily announced that it had resumed operations in Wyoming after a three-year hiatus.

What do you think about the changes made by Coinbase? Keep the conversation going in the comment section below.

Image courtesy of the Coinbase Blog.

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Coinbase Pro Now Supports Ethereum Classic (ETC)

The hype surrounding Coinbase’s upcoming Ethereum Classic (ETC) listing has continued, with Coinbase’s so-called “Pro” platform recently announcing that it now officially supports ETC deposits.

Ethereum Classic Is Now Live On Coinbase Pro 

On Tuesday morning, Coinbase took to Twitter to announce that its plans for the launch of Ethereum Classic were successful, with the exchange finally offering support for the transfer of this crypto asset.

In an announcement blog post, David Farmer, Coinbase Pro’s General Manager, wrote:

“We announced final testing for Ethereum Classic last Friday, with a goal of accepting transfers for exchange users by Tuesday August 7th. Our testing has gone according to plan and we will be launching support first on our exchanges (Coinbase Pro).”

While Pro’s support for ETC officially commences today, Farmer implied that the addition of this asset isn’t a simple process, as he outlined an extensive four-stage plan that will ease the stress on Coinbase’s employees, system and consumers alike.

Stage 1 — Transfer-only: As noted earlier, Coinbase Pro users can now transfer their Ethereum Classic coins to the exchange starting today. While deposits are supported, traders will be unable to place orders. Coinbase expects this stage to last for at least 24 to 48 hours.

Stage 2 — Post-only: In this stage, Coinbase customers will be able to post limit orders, but no order matches will be made during this time. The platform will allocate a minimum of 10 minutes to this stage.

Stage 3 — Limit-only: Following the post-only stage, trader’s limit orders will begin to be matched with other orders. However, market orders will not be supported just yet, with the firm allocating yet another 10 minutes to this phase.

Stage 4 — Full Trading: Following the success of the aforementioned stages, Coinbase Pro expects to launch full-fledged support for trading, including limit, market and stop orders.

It was added that this process would be completed on a case-by-case basis for each of the platform’s new order books, which are ETC-USD, ETC-BTC, and ETC-EUR. The Coinbase executive noted:

“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time, or suspend trading as per our Trading Rules.”

It is important to note that ETC will not be available for Coinbase Consumer (Coinbase.com) just yet, with the platform citing liquidity concerns as the primary reason why ETC will not initially be added to the platform used by a majority of retail investors.

ETC Surpasses Tron, Monero, And More To Become The 11th Largest Crypto 

As a result of a series of positive developments regarding this cryptocurrency, Ethereum Classic has skyrocketed as of late, recently surpassing cryptocurrencies like Tron and Monero to become the 11th largest cryptocurrency by market capitalization. Just a few weeks ago, ETC was the 16th largest cryptocurrency, holding no resemblance to the position it is in now.

This positive bout of price action goes to show how influential Coinbase is on the price of crypto assets, with the so-called “Coinbase effect” pushing Ethereum Classic “to the moon.”

Title Image Courtesy of Coinbase

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Happy Birthday Ethereum Classic (ETC)!

Today is a holiday for Ethereum Classic. The popular and controversial blockchain published its Declaration of Independence after the famous hard fork produced after the DAO Hack.

Ethereum Classic has been a model of perseverance and commitment of a community. Despite the difficulties, the philosophical debate that underpins its birth is interesting to analyze.

ETC Ethereum Classic InvestRead Also: What is Ethereum Classic?

Since its inception, Ethereum Classic has maintained its philosophy of immutability and decentralization. Its motto, “The Code is Law” is already widely known in crypto-verse, and although the Ethereum community (ETH) disagrees with the point of view of those who believe in ETC, the respect and debate has been much more serious than it has been in other hard forks – such as the BCH case regarding BTC, to cite an example.

Currently; IOHK, the team behind the development of Cardano, has a group of developers actively working to make Ethereum Classic (ETH) a better and better blockchain.

Despite not having a large market cap, Ethereum Classic’s initial image as a “shady” blockchain has been successfully overcome.

Explanation of a Hard Fork. Courtesy: Blockgeeks

The Story Behind ETH/ETC

It is difficult to say whether it was Ethereum Classic (ETH) or Ethereum (ETH) the crypto that was born on July 20, 2016. Everyone is free to make their own conclusions.

The truth is that two years ago there was a fork in Ethereum’s blockchain. The famous DAO Hack happened due to an exploit that allowed a hacker to take about 60 million dollars in ETH (before the hack).

To combat this situation, the Ethereum community (pre-hack) was in favor of a hard fork in which a roll-back would be made to the point before the hack. About 97% of the users supported this decision.

However, the other users objected. They consider that such a change damages the essence of a blockchain as immutable. ETC adopters also argue that such modifications could reduce the decentralization of the network. They also believe the code to be perfect and human error to be a voluntary act. Making changes each time a system is attacked could reduce its stability.

From that moment on, those who opposed the change became the Ethereum Classic (ETC) community and who supported the amendment and were the community with the most significant number of users kept the name Ethereum (ETH); a logical decision that was respected by all.

Screenshot of ETC’s Timeline posted on its website

Ethereum Classic (ETC): A Crypto With a Very Active Development Behind It

Ethereum Classic has had several substantial improvements, recently the development team removed the difficulty bomb, which eliminates the possibility of migration to PoW for now. It also makes mining more profitable and maintains stability in the number of blocks mined.

Another significant milestone is the addition of Ethereum Classic (ETC) to the Atomic Wallet, which allows atomic swaps between different blockchains.

Also, a few weeks ago, RobinHood and Coinbase announced that they would support the Ethereum Classic (ETC).

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