News

Ethereum Classic Spikes after Robinhood Listing

0 Comments

Robinhood has now listed Ethereum Classic, bringing the total number of coins on the platform to six. The stock trading app which charges no trading fees offers cryptocurrencies in addition to the more traditional equities investments.

The exchange initially launched with support for only bitcoin and ethereum but quickly added other coins including Litecoin, Bitcoin Cash and Dogecoin.

Ethereum Classic

It also offers real time market data for 10 other coins including Bitcoin Gold, Lisk, Monero, OmiseGo, Stellar, NEO and Zcash. These cryptos will most likely be listed in the future as well.

Robinhood is now available in 19 states including California, Arizona, Montana, New Jersey, Florida and Virginia. The company is actively seeking to expand to other states in the US having applied for licenses.

 

Coinbase to list Ethereum Classic as well

Coinbase is also preparing to list Ethereum Classic with final tests being conducted today, 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,” Coinbase said in statement.

The support will be rolled out incrementally across Coinbase’s various services, the company said.

Robinhood is seeking to gain an advantage over Coinbase, the market leader with its zero trading fees offer.

Ethereum Classic spikes

Predictably, Ethereum Classic has responded positively to the news, jumping more than 9% in value in the last 24 hours. This as other coins struggle to maintain their value after a rather sustained slide in the last one week.

Ethereum C

Bitcoin is for example is barely holding its ground at $7402, only 1% up in the last 24 hours. The trend is repeated in the rest of the market with most major altcoins gaining less than 2%. IOTA is the most significant loser having dropped about 11% in the last 24 hours. Ethereum is up only 0.5% and EOS has gained 1.4%.

Coinbase was the first to announce plans for the ETC listing but Robinhood has beaten it to it. When it launches, Coinbase Custody customers will be able to make ETC deposits and withdrawals. On the other hand, Coinbase Pro and Coinbase Prime users will be able to trade.

Coinbase Consumer users will however wait for longer, probably a week or two after ETC is listed on Coinbase Pro and Prime as per Coinbase’s policy. This will be done after sufficient liquidity is established.

Voyager to launch another commission free platform

Another start up Voyager is also looking for a share of the market with a recent announcement it will offer commission free trading on its platform.

It will also offer 15 cryptocurrencies for trading, something that could potentially upstage both Coinbase and Robinhood. The firm is backed by an Uber cofounder. Voyager will aggregate prices from various trading venues allowing customers the best prices. Voyager believes it will beat the average price of the coins at the time it executes the trades.

Leave a Reply

Be the First to Comment!

avatar
  Subscribe  
Notify of
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.

CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.

Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.

Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.
close-link