Ethereum Classic Is Down 30% Since Its Listing on Coinbase

The price of ethereum classic has depreciated more than 30 percent against the U.S. dollar since its listing on Coinbase.

Prior to the August 7th listing date, ETC's price surged on two recent occasions, the first of which began on June 11th when Coinbase announced.

Its intention to add ethereum classic to its platform.

ETC's price went from $12.19 to $16.40 over the next 48 hours, printing a 34 percent gain.

The next and most dramatic boost began on August 3rd, following another announcement from Coinbase which stated that ETC trading would finally go live on August 7th. From August 3rd to the 7th, the price rose more than 50 percent in U.S. dollar terms, hitting a peak of $21.25, according to data from Bitfinex.

It's not exactly a surprise when prices rise significantly after news of this nature is released, as investors would regard an asset as undervalued when taking into account the potential for a large cash flow increase that may accompany an exchange listing.

After the recent price high of $21.25, the price has fallen more than 30 percent versus the US dollar and is currently trading at $15. That said, it's worth noting that the entire cryptocurrency market has been in a major slump as of late, shedding billions.

Ethereum classic emerged in 2016 following the divisive collapse of The DAO, the ethereum-based funding vehicle that failed following a debilitating code exploit.

An eventual "Fork" of the ethereum blockchain to unwind losses tied to the DAO resulted in two distinct blockchains.

The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.