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Bitmain's BTC.com Is Launching an Ethereum Mining Pool

Bitmain-backed mining pool BTC.com is expanding its offerings to include ethereum and ethereum classic, the company announced Thursday.

BTC.com, which claims to have mined 21 percent of all bitcoin blocks last year, will offer the new mining client through its pool.btc.com portal, and will also offer an ethereum block explorer and API, according to a press release. The service will allow miners to switch their hashing power from one pool to another, depending on the market.

The move is part of an effort to “help ethereum scale its mining infrastructure,” the announcement stated.

Bitmain’s project director Zhong Zhuang said that the firm hopes “to expand ethereum’s network by relaying … rewards through our [Full Pay Per Share] system,” which rewards miners for participating in the pool.

Notably, the new pools will include GPU and CPU mining options, the release indicated, despite the fact that Bitmain released its first ethereum-focused application-specific integrated circuit (ASIC) for ethereum earlier this year.

Zhuang explained that the decision to offer GPU and CPU mining comes from the depressed prices across the crypto market this year, telling CoinDesk that “GPU miners are versatile, still profitable and are not easily replaced in a bear market. It’s common for miners to split investment into both.”

He added:

“Also, there are already ASIC miners for ethereum and ethereum classic which are easier to set up and are dedicated to ethash mining. This will save us from supporting a huge list of GPU coins simultaneously.”

Going forward, BTC.com may consider launching mining pools for “popular coins” such as litecoin, zcash and monero, though no concrete plans have yet been made, Zhuang said – although, before any new additions, the service would have to consider a token’s network, the quality of its code, its development roadmap and trading volume.

Rachel Rose O’Leary also contributed reporting.

Ethereum image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Crypto Markets See Slight Slump, Ethereum Fails to Hold $300 Support

Saturday, August 18: crypto markets have seen another slump today, with some coins wavering following weekly gains, according to data from Coinmarketcap. Total market cap has dipped as low as $210 billion at press time.

Market visualization

Market visualization from Coin360

Bitcoin (BTC) is down 1.79 percent over the past 24 hours, trading at $6,396 at press time. With that, the top cryptocurrency has seen an intraday high of $6,562. The coin has lost around 13 percent over the past 30 days, while holding its weekly gains, according to Coinmarketcap.

Bitcoin 30 days price chart

Bitcoin 30 days price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has failed to hold $300 support, trading at $291 at press time. The major altcoin has suffered a 3.74 percent loss over a 24 hour period, also having failed to keep momentum over the week with an 11 percent loss in the past 7 days.

Ethereum price chart

Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market cap has taken a somewhat downward trend today, dipping as low as $208 billion. At press time, total market capitalization has seen modest growth, now amounting to $210 billion.

Intraday Total market capitalization chart

Intraday Total market capitalization chart. Source: Coinmarketcap

While total market cap is down, Bitcoin is holding its position in the crypto market, with its dominance standing at 52.27 percent at press time.

Ripple (XRP), the third biggest altcoin by market cap, has also taken a hit, down 6 percent on the day and currently trading at $0.31.

Ripple recently partnered with three crypto exchanges to develop its cross-border payments service xRapid, enabling a “healthy” ecosystem for  transactions between XRP and U.S. dollars, Mexican pesos, and Philippine pesos.

Ripple 7 days price chart

Ripple 7 days price chart. Source: Cointelegraph XRP Price Index

Stellar (XLM) and Monero (XMR), are also down 2.3 and 0.6 percent over the past 24 hours, respectively. Stellar is trading at $0.22, while Monero stands at $96.19 at press time.

Ethereum Classic (ETC), which was recently listed by major U.S. crypto exchange and wallet service Coinbase, has given up its eleventh position on the market to TRON (TRX), according to Coinmarketcap. Now ranking 12th, ETC is down 7.8 percent, currently trading at $13.09.

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Bitcoin Holds Above $6,000 While Industry Figures Warn Over ETF ‘Benefits’

Bitcoin (BTC) prices are up around .05 percent on Thursday, August 16, bringing the leading cryptocurrency solidly back over $6,000 after a market fall that had seen BTC dip below that psychological price point on August 14.

Market visualization from Coin360

Market visualization from Coin360

Data from Cointelegraph’s price tracker shows overall 2.5 percent monthly gains for Bitcoin as of press time, despite the latest correction from it’s weekly high of around $6,600, against weekly losses of almost 10 percent.

Continuing its trend of short-term volatility, BTC/USD is currently around $6,407, with commentators eager to see if support at $6,000 has solidified.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Source: Coinmarketcap

The price performance comes as the cryptocurrency industry becomes increasingly indifferent to the potential effect of a Bitcoin exchange-traded fund (ETF) acceptance or rejection by U.S. regulators.

Previously hailed as a factor which could propel or deflate markets significantly, Andreas Antonopoulos joined Nick Szabo in fresh skepticism of ETFs this week, the latter arguing they “might cause more problems than they’re worth.”

In a Q&A session recording, Antonopoulos described ETFs as “a multibillion dollar ‘not your keys, not your Bitcoin’ scheme.”

Beyond Bitcoin, altcoin worries continue, with Ethereum (ETH) gaining slightly Thursday but still continuing weekly losses close to 30 percent and monthly ones approaching 33 percent.

At press time, ETH/USD traded around $292, several percentage points off earlier lows this week which marked the largest altcoin’s biggest plunge since September 2017.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Coinmarketcap

Other major altcoins posted broadly flat growth, with the exception of Stellar (XLM), which is down around 3 percent on the day, trading at around $0.22 by press time. Another altcoin outlier is Ethereum Classic (ETC), whose addition to Coinbase may have sent prices soaring by over 16 percent on the day, with the coin currently trading around $14.09 by press time.

Total market cap is around $207 billion by press time, a number last seen in November 2017.

Total market capitalization

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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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Coinbase Index Fund Reduces Annual Fee to ‘Attract Institutional Investors’

Cryptocurrency exchange and wallet service provider Coinbase has announced updates to its Index Fund in a blog post published today, August 13.

The U.S.-based platform stated that it will reduce its Index Fund’s annual management fee “for all new and existing investors” from 2 to 1 percent, explaining:

“We’re reducing our fee in order to attract investors who are familiar with lower-fee index funds in other asset classes. This will help introduce a new category of institutional investors into the cryptocurrency space.”

Today’s announcement also includes news that the Index Fund has been rebalanced to incorporate Ethereum Classic (ETC), following the altcoin’s official listing on Coinbase last week.

Coinbase had announced plans to include ETC on its platform as early as mid-June of this year. A month later, Coinbase made a statement that company was considering adding five additional crypto assets to its listings –– Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

Coinbase first launched its Index Fund in mid-June with four major cryptocurrencies. The fund is open to investments from U.S. resident accredited investors only – those who have a net worth of more than $1 mln or an annual salary of more than $200,000 – who invest between $250,000 and $20 mln.

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Can Crypto Exchanges Be Trusted With Hard Forks?

On July 31, a Chinese Bitcoin investor sued local crypto exchange OKCoin for allegedly blocking him from getting his Bitcoin Cash (BCH) after the Bitcoin fork.  

While the case is new for China, compilations regarding hard forks and exchanges have been amassing since perhaps as early as the DAO incident in 2016. So what happens when you have a coin that is about to be split into two, but you’re holding it on an exchange’s hot wallet?

What’s a hard fork?

Essentially, a hard fork is a change to the cryptocurrency’s protocol that makes previously invalid blocks/transactions valid — and vice versa — and therefore requires all users to upgrade to the latest version. In other words, a hard fork splits the path of the asset’s underlying blockchain, wherein the upgraded, separated blocks start following new sets of rules. Simply put, it’s the equivalent of a ‘reset’ button. There’s also a soft fork, which entails a change of protocol as well, although such forks can still work with older versions.

Why launch a hard fork at all? Basically, it can be initiated to correct security risks found in older versions of the software, to add new functionality or to reverse transactions. The latter, for instance, was the reason for the infamous DAO hard fork, which will be described in greater detail in the next section.

What are hard and soft forks?

According to data obtained from Forkdrop.io, there are currently 116 forks, 74 of which are affiliated with Bitcoin. There are major ones, like Bitcoin Cash (BCH), Ethereum Classic (ETC) or Bitcoin Gold (BGD), that compete with the top coins and are commonly listed on the largest exchanges — they rank 4th, 12th and 24th respectively, as per Coinmarketcap. There are also smaller ones that are worth just a few cents, and are hence less likely to be featured on large platforms. Charlie Lee, the creator of Litecoin who previously worked at Coinbase, described how the platform would approach forks in the past:

“With the ETC and BCH hard forks, it was clear that those two coins will be the minority fork, so it was safe to use a wait-and-see approach. So Coinbase didn’t support those forks initially. And only if there was traction on those forks would Coinbase spend the time and resources to support those forks and let people access their coins on the minority chain.”

The DAO example: To fork or not to fork?

The DAO was set up in April 2016 as a decentralized autonomous organization. Its purpose was to invest in other businesses, making it a form of an investor-directed venture capital fund, powered by smart contracts. The prominent project swiftly gathered a record-breaking $120 million in Ethereum (ETH) during the fundraising stage.

However, in June, some users exploited a vulnerability in the DAO code that allowed them to drain one-third of the DAO’s funds (roughly $50 million) to a subsidiary account. It wasn’t a hack, per se, as the attackers simply found a loophole in the coding — as one of the alleged participants soon declared, he merely used the possibilities of the DAO code.

That lead to a debate in the community, where members effectively took two sides: Some argued that the vulnerability was unfair and their funds should be given back, while others opined that the whole purpose of a smart-contacts-based system is its inviolability and, hence, no manual adjustments should take place. The community voted in favour of the refund (the results can be seen here), and the Ethereum team performed a hard fork. The hacked funds were sent to an account available to the original owners. The token owners were given an exchange rate of 1 ETH to 100 DAO tokens, as per the initial offering conditions.

However, the part of the community that rejected the intervention and favored immutability decided to keep using the unforked version of Ethereum: Ethereum Classic (ETC). ETC held on to the existing Ethereum blockchain and did not implement the hard fork code to ‘undo’ the DAO attack. As the project’s website explained, “Ethereum Classic intends to keep the original censorship-resistant Ethereum going” and “provide an alternative for people who strongly disagree with DAO bailout.”

Therefore, all people who held ETH at that point received the right to claim the equivalent amount of ETC — to do that, they had to access MyEtherWallet and upload their JSON files (which contain the private keys for coins in possession), then claim ETC coins and send them to another address. As can be seen from this example, users can receive chain-split coins as long as they provide the private keys as the proof of their claim.

How do exchanges handle hard forks?

Thus, providing private keys shouldn’t be difficult as long as the coins are stored in a software or hardware wallet that can connect to the coin’s mainnet. However, the situation is different when the forked cryptocurrency is held on a crypto exchange’s hot wallet — in that scenario, the keys are technically held by the platform along with the coins. Consequently, the exchange gets to decide if new coins are going to be distributed among clients or not, and the overall process of claiming those coins gets more complicated.

For instance, when the aforementioned ETC fork occurred, Kraken exchange announced its support and declared that it was crediting client accounts with their ETC balance as long as they had an ETH balance on Kraken at the time of the fork. Similarly, when Bitcoin Diamond (BCD) forked off of the original Bitcoin blockchain in November 2017, Binance was one of the few major exchanges to issue the new coins to BTC holders, while many other exchanges ignored the hard fork entirely.

Therefore, it comes down to the exchanges’ politics when a hard fork nears — although, usually platforms let their clients know beforehand if they are going to support a coin split and reimburse them with new coins. However, some exchanges opt to accommodate most forks by default — for instance, in July, Binance announced that it will endeavor to support airdrops and forked coins conducted by any project, as long as the project team reaches out and contacts the platform directly. Somewhat similarly, in April, Coinbase declared that it will support the withdrawal of Bitcoin forks across Coinbase products (albeit not trading).

In the opposite way, some exchanges choose not to support forks deliberately. Thus, in May, Dutch exchange Bl3p chose to delist BCH prior to its hard fork, citing requirements for altcoins that the coin allegedly failed to meet. The platform warned the clients to withdraw their remaining BCH.

More complications and lawsuits

However, even if the exchange supports a certain hard fork, complications might arise. That was the case with the Chinese investor known under the pseudonym Feng Bin, who recently filed a lawsuit against local crypto exchange OKCoin. Bin claimed that the platform prevented him from getting Bitcoin Cash (BCH) after the BTC fork took place in August 2017.

According to local news agency Legal Weekly, Feng Bin claimed that he couldn’t receive the 38.748 BCH that he was due after the split. In the lawsuit, he explained that he attempted to sell his share of BCH when it reached its all-time high of around $4,000 in December, 2017, only to find “that there was no ‘button’ to extract the [BCH] that the platform promised.”

Following a complaint about the platform’s customer support, OKCoin stated that Feng Bin could not extract any BCH simply because the platform’s program for claiming the forked crypto had expired at that point. The investor, in turn, accused the crypto exchange of failing to provide an official announcement about the deadline for such applications.

While Feng Bin’s case is reportedly a first-of-its-kind in China, a group of five Japanese lawyers have already challenged an unspecified ‘majority’ of local exchanges that have been reportedly failing to deliver on split coins.

“The virtual currency you deposit at an exchange should not belong to the exchange, but to the user,” the lawyers argued, stressing that when exchanges decide not to grant split coins to clients or release them after a delay, they essentially rob them of their profits.

In their announcement, the lawyers recognized that there is no legal framework for handling hard forks, and that seems to be the essential problem in regards to the complex relationship between crypto exchanges and hard forks.

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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) Price Analysis: Ready to Resume the Climb?

Ethereum Classic formed higher highs and higher lows to create an ascending channel on its 1-hour time frame. Price made a sharp climb to the top on the Coinbase and Robinhood listing but has since bounced off.

Applying the Fibonacci retracement tool on the latest swing high and low shows that Ethereum Classic is still within correction territory, so there’s a good chance bulls might still return. Price is testing the 61.8% Fib, which is just above the channel bottom around $34 and is close to the moving averages’ dynamic inflection points.

If these levels hold as support, price could make its way back up to the channel top around $21, which is also the swing high. The 100 SMA is above the longer-term 200 SMA after all, so the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse.

RSI is on the way down but looks ready to move back up again as it approaches oversold levels. Stochastic is already indicating oversold conditions and turning higher could bring buyers back in. A break below the channel support, however, could expose Ethereum Classic to further losses.

Cryptocurrencies have had a rough ride in general this week, and it didn’t help that the SEC released a notice on its decision to delay the ruling on a bitcoin ETF application. This cast more doubts for the industry, which appears to be moving to the tune of FUD (Fear, Uncertainty, Doubt) these days.

Ethereum Classic and its peers could use another set of positive updates to resume their gains, although ETC is currently being supported by expectations of higher volume and increased activity from the Coinbase and Robinhood listings.

Still, ETC has surpassed a handful of altcoins to land in 11th place on cryptocurrency rankings after previously hovering around 16th place.

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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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Ethereum Classic (ETC) Price Analysis: What’s Behind That Big Breakout

Ethereum Classic had formed lower highs and higher lows to consolidate inside a symmetrical triangle on its 4-hour chart since the latter part of June. Price has recently busted through the resistance to signal that an uptrend is in the cards.

The chart pattern spans $12 to $19 so the resulting rally could be roughly the same height. However, moving averages have yet to catch up to the move since the 100 SMA is still below the longer-term 200 SMA. This suggests that the path of least resistance is to the downside or that sellers have the upper hand.

This could mean that a pullback to the broken triangle top around $17 is in order. After all, RSI is dipping into overbought territory on its move up, and turning lower could bring selling pressure back in. Similarly stochastic is indicating overbought conditions and looks ready to head south, so Ethereum Classic might follow suit.

News that cryptocurrency trading app Robinhood added Ethereum Classic to its list of tradeable digital assets turned out very bullish for this one as it would bring higher volumes and increased activity.

According to their official announcement on August 6:

Starting today, you can invest in Ethereum Classic on Robinhood Crypto, commission-free.

Robinhood also offers trading in Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Dogecoin, as well as track market data for 10 other cryptocurrencies. The app is currently available in 19 states, and the company continues to work to expand to more. Earlier this year, Robinhood was able to raise $363 million in a series D funding round to expand its business, bringing its valuation to $5.6 billion.

This decision to add Ethereum Classic to its mix comes just before Coinbase is set to add the option as well. The company announced:

We expect final testing to be completed by Tuesday, August 7, at which point we will announce that we’re ready to accept inbound transfers of ETC. We intend to allow 24–48 hours of inbound transfers through Coinbase Pro and Coinbase Prime before enabling trading.

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