On 7th August, the CEO of BKCM LLC, Brian Kelly with the CNBC panel held a discussion on the recent upward rally of Ethereum Classic [ETC]. The talk concluded that the hard fork of Ethereum [ETH] is showing a green trend due to its listing on the popular cryptocurrency exchange platforms, Coinbase and Robinhood.
According to Kelly, Ethereum Classic has gained a good momentum in the past month, showing a considerable hike. He believes that this trend has been driven by two factors: Coinbase and Robinhood. Moreover, this is the first time the retail investors have found a feasible way of diving into Ethereum Classic.
As stated by him, Coinbase has only added the cryptocurrency to its institutional side yet. In about a week’s time, the platform will be adding ETC to its retail side as well. This is what is boosting the price of ETC.
A panelist shifted the focus of the talk on Bitcoin. This week, the U.S. Securities and Exchange Commission [SEC] postponed the VanEck SolidX Bitcoin ETF to 30th September. On this, Kelly had to say that the ETF might further be delayed by the authority as the September date arrives. He said that this could be because the market is not ready for the ETF. Moreover, the SEC has not found all the answers that it requires to pass the ETF.
It was then mentioned that a few sell-offs were also recorded on the same day as the SEC postponed the ETF. On this, Kelly stated that it is a wrong way of investing in the cryptocurrency if one sold it off after SEC’s decision. He added that the cryptocurrency market is more than just the ETF.
Returning to Ethereum Classic, Kelly mentioned that the cryptocurrency hard forked from Ethereum in 2016. This was due to the differences in opinions on how to handle transactions. However, the two cryptocurrencies have the same functionality but different paths.
He also explained that while Ethereum already has a lot of developers working on it, Ethereum Classic is still working on getting more developers for the project. In his words:
“…so for it to take off, that ecosystem has to expand and that’s what they’re working on right now.”
Currently, Ethereum Classic is down by 14.36%. This is after the Coinbase confirmation that the cryptocurrency will be listed on Coinbase Pro next week.
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