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.
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. Bitcoin, for example, is down 3 percent and trading for around $8,400 per coin, while Ethereum and XRP have each dropped between 3 and 4 percent and appear to be falling further.