On June 11, 2018, cryptocurrency exchange Coinbase published a blog post detailing its plan to list Ethereum Classic (ETC), a controversial digital asset that is a pre-fork remnant of the Ethereum blockchain. Despite ETC's relative lack of development, its price spiked on the news that a major trading platform would facilitate its exchange.
According to price charts on CoinMarketCap, yesterday, ETC jumped from a low of $12.34 to a high of $16.22 per unit. Trading volume was concentrated on non-US exchanges like OKEx, Bitfinex, and Huobi.
Interestingly, the Coinbase announcement coincided with what was essentially a three-month low for ETC. In fact, before the exchange's announcement, ETC hadn't been this cheap since November 2017.
On the whole, Coinbase's announced support for ETC went smoothly, at least compared to the public relations disaster that took place when the exchange decided to list bitcoin cash (BCH) in December. At the time, Coinbase was barraged with allegations of potential insider trading because the BCH price suspiciously increased before the exchange made its public announcement.
Coinbase isn't the only exchange experimenting with Ethereum Classic. Also on Monday, Binance announced that it would open trading pairs for ETC/BNB (Binance Coin) and ETC/USDT (Tether). At the time of writing, Binance hosted 9.75 percent of the global ETC trading volume on its ETC/BTC trading pair.
ETHNews has previously written about Barry Silbert, founder and CEO of Digital Currency Group, which possesses a significant stake in Coinbase. Silbert's unscrupulous promotion of ETC has come under scrutiny from other publications, including Reuters.