The price of Ethereum Classic (ETC) has taken a sizable tumble since yesterday’s surge. ETC dropped by as much as 10 percent today, falling to as low as $8.30 per tokentoken.
The price has since recovered somewhat and is currently trading for $8.41, which would represent an 8.5 percent drop in the last 24 hours.
Grayscale Investments sees a future in Ethereum Classic
Grayscale Investments—a subsidiary of the Digital Currency Group (DCG)—is pledging an additional two years of support to the Ethereum Classic Cooperative (ECC). In a press release, the digital asset manager explained that one-third of the fees collected through its Grayscale Ethereum Classic Trust will continue to go toward funding the ECC through the end of 2021. This allows the Ethereum Classic Cooperative to continue to fund various development projects on the ETC protocol. The Cooperative al...
Ethereum Classic enjoyed a decent bump in price yesterday, about 6 percent, following news that Grayscale Investments had pledged an additional two years of financial support to the Ethereum Classic Cooperative (ECC).
The Cooperative will continue to receive funds through the end of 2021, which it plans to use to boost its organizational transparency, enhance its governance and, most importantly, provide funding to developers building on the Ethereum Classic network.
The coin was trading for as much as $9.30 yesterday, and $9.80 per token the week prior following other positive developments for the protocol. But that $9 resistance level has proved too strong for traders for the time being, it appears.
All in all, it’s been a rough 24 hours for day traders, with most coins dropping in value. BitcoinBitcoin, for example, is down 3 percent and trading for around $8,400 per coin, while EthereumEthereum and XRP have each dropped between 3 and 4 percent and appear to be falling further.
