The price of ethereum classic, the cryptocurrency that was hard forked off the ethereum blockchain in July 2016, surged for 25 percent on Tuesday, following the news that it is being added to crypto exchange Coinbase for trading.
The U.S. exchange announced on Tuesday morning in a blog post that it is now starting the engineering work to integrate ethereum classic with its platform. A further date for formally launching the trading of ethereum classic on Coinbase will be announced on Sept. 5, the company said.
Data from CoinMarketCap shows that the price of ethereum classic started to jump around 01:30 UTC on Tuesday, after Coinbase first tweeted out the announcement at 01:18. It has further surged from $12.88 to as high as $16.15 at around 2:00 UTC, reflecting a 25 percent gain in just half an hour.
“The internal asset selection committee has been assessing assets using our Digital Asset Framework, but no assets have been recommended to the Coinbase executive team,” the company said at the time…