Interesting things are bound to happen in the world of cryptocurrency. More specifically, China’s BTC38 will add two more trading markets this week. Both Ethereum and Ethereum Classic will be supported come July 13th. That is a major development for both currencies, to say the least. It is remarkable to note this platform was one of the few Chinese platforms not supporting ETH nor ETC.
Most Chinese platforms enabled Ethereum trading quite some time ago. BTC38 is one of the few platforms which did not do so yet. That situation will come to change come July 13th, in a big way. With both Ethereum and Ethereum Classic trading going live on the same day, things will get quite interesting. The choice for Ethereum Classic not random either.
BTC38 Provides Another CNY Gateway for ETH and ETC
More specifically, both currencies have seen their value increase quite a bit throughout 2017. In the case of Ethereum, that value is correcting itself. A 3,000% gain in a few weeks cannot be sustained all that long. Moreover, the Ethereum network has some issues which make the price of Ether rather overvalued. Without solid technology to power an entire ecosystem, there is no reason to pay over US$200 for ETH. It will be interesting to see where this price correction ends up at.
Ethereum Classic, on the other hand, seems to be a suppressed market right now. After forking from Ethereum due to The DAO bailout, Classic has tried to make a name for itself. Some interesting things are happening behind the scenes. However, most people want to make their money “dumb” and just follow the hype even after it has peaked. Being added to BTC38 can give ETC that boost it so direly needs.
Even though Chinese exchanges no longer dominate the markets like years ago, they are still very important. BTC38 is one of the country’s bigger exchanges, with a strong focus on CNY trading. Being able to trade both ETH and ETC against the Yuan will open new opportunities. Although the platform is not the first to provide CNY trading for these currencies, more liquidity is never a bad thing. July 13th can be a rather interesting day for both ETH and ETC, to say the least.