Ethereum Classic (ETC) Ends Bearish Bias – Binance To Enable ETC Mining

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One of the most popular altcoins, Ethereum Classic, rose 18.74% to trade at $38.1. On Tuesday, Terra is dealing with labor discrimination. The current price of Ethereum Classic is $37.52, with a 24-hour trading volume of $1.3 billion.

In the last 24 hours, Ethereum Classic has gained 5.58%. CoinMarketCap is currently ranked #17, with a live market cap of $5,134,879,005. It has a circulating supply of 136,872,624 ETC coins and a maximum supply of 210,700,000.

Tne Wonderful Fruits ETC/USD opened at $38.44. In one day, it went as high as $38.90 and as low as $34.86. Currently, it is at $38.1, down 8.24%. ETC has seen significant price movement recently as the network gains visibility from the merger. In the first week of September, the price of the cryptocurrency increased by 34%.

Ethereum price chart

Ethereum Classic Daily technical standards

Support resistance
36.8966 40.2466
35.3533 42.0533
33.5466 43.5966

Pivot point: 38.7033

For ETC support Binance pool

Binance Pool is one of the best mining pools in the world. Binance Pool is currently the 12th largest mining pool for Ethereum (ETH) mining and the 7th largest mining pool for ETC mining. Miners will not be functional after the merger.

As a result, the mining pool enables ETC mining. Binance Pool eliminates mining fees etc From September 9 to October 9 To encourage miners to use their mining pools. Additionally, users must provide valid account information to participate in their mining account and collect rewards.

According to the official release from Binance On September 8, the terms and conditions allow Binance to remove any members involved in fraud. In addition, Binance reserves the right to cancel or modify the offer or contract. For example, the price of Ethereum Classic has skyrocketed, and its hash rate has reached an all-time high.

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The merger will almost certainly cause miners to switch to Ethereum Classic, which will slow down the rate at which the ETC/USD price falls.

Hoskinson Calls Ethereum Classic A dead project

On September 6 Cardano (ADA) Creator Charles Hoskinson responded to the question of whether he plans to exploit Ethereum miners to make Ethereum Classic (ETC) “a dead project that has no purpose or good reason to continue without its head.” Hoskinson recently proposed the establishment of an ETC development fund and a decentralized treasury protocol.

Under the plan, the decentralized treasury protocol will receive a portion of the ETC block reward. On the other hand, ETC miners rejected this proposal as it would reduce their income. However, following Hoskinson’s proposal for a 20% mining fee, an Ethereum Classic fan claimed on Twitter that he was trying to exploit the network.

Hoskinson believes that ETC is a project that never sleeps. Still, other cryptocurrency companies such as Grayscale and the largest mining company AntPool argue that it is not because they have invested heavily in the network.

Grayscale manages approximately $490 million in Ethereum Classic Trust assets, while Antpool has invested $10 million in the blockchain network ecosystem. ETC/USD fell due to market uncertainty as investors are unsure whether to invest in Ethereum Classic or not.

Ethereum Classic (ETC) Ethereum Classic in high demand

The high social volume and hash rate received by Ethereum Classic will drive demand for ETC. As a result, it may experience rapid growth in the future. Therefore, ETC owners will benefit from increased demand and network services.

Increasing hashrate and the possibility of more utility may encourage more speculation, thereby increasing retail demand. However, as the number of miners increases, the profit margin that can be affected decreases.


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