Ethereum Classic [ETC]’s price plummets by more than 14% – community says Coinbase to blame

August has been a wild ride for Ethereum Classic [ETC] with all the recent developments. The cryptocurrency’s price had been consistently rising over the past week post the Coinbase announcement made on 3rd August. But within the past 24 hours, ETC has seen a sudden plummet of more than 14%.

The cryptocurrency community speculates that the sudden dump in the span of 24 hours is because the entire ETC run-up was just leading to the actual event i.e. the Coinbase Pro launch.

At the time of writing, ETC was trading at $16.28 with a market cap of $1 billion and has witnessed a fall of more than 1% in the last one hour. Prior to the announcement, the coin was trading around $18 and has seen a fall of almost $2.  The coin had outstripped Tron [TRX] and Monero [XMR] yesterday and secured the 11th position on CoinMarketCap. However, ETC has gone back to its previous position and is trading at the 13th position.

ETC's 7 day price chart || Source: CoinMartketCap

ETC’s 7 day price chart || Source: CoinMartketCap

On 7th August, Coinbase announced on Twitter that the final testing for Ethereum Classic was done and they will now be accepting ETC transfers for exchange on the same day. The Coinbase team further added that ETC support is at the moment available on their exchange platforms, Coinbase Pro and Coinbase Prime after which support for Coinbase.com will be launched.

Twitter user, Queenofglam, commented:

“Um it’s only going down down down!”

Otc_bitcoin, a Twitterati added:

“Let the dumping commence.”

Another Twitter user, HackermanAce replied saying:

“$ETC FOMOers, getting ready to deposit and dump.”

The cryptocurrency community seems to have differing views regarding the plummet. Some cryptocurrency users argue that the price fall would work in their favor as they can invest more in the coin right now. They see the plummeting of the ETC as a minor setback and are hopeful of it gaining back its momentum.

Twitter user, Entelijant said:

“Just completed my transfer, 50 confirmations.”

CarlAtabs020212, another Twitter user commented:

“I bought it at 190ksats. Should I sell? Or Hodl and wait?”

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