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Ethereum Classic Price Rallies Than Ethereum

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Ethereum Classic Price Rallies Than Ethereum
  • ETC price has increased by 128.8% in just two weeks.
  • Ethereum Classic hashrate also increased around 21%.

Over the past two weeks, the price of Ethereum Classic (ETC) has rapidly increased by 128.8% compared with the US dollar, and the network’s hashrate also increased significantly.

In the past 14 days, Ethereum Classic has made some gains, ETC value has risen together with Ethereum (ETH). ETC has increased by 128.8%, while ETH recorded a double-digit gain of 46.3%.

At the time of writing, Ethereum Classic traded at $33.79 with a trading volume of $4,657,591,987. ETC price is up 25.2% in the last 24 hours and had a market cap of $4,610,328,147 as per the CoinGecko data.

(Ethereum Classic (ETC) price chart Source: CoinGecko)

Alternative For ETH Miners

The Ethereum capital pledge made a sign of support for the blockchain system, which will continue to validate transactions using the Proof-of-Work (PoW) consensus mechanism. As of now ETC and ETH both utilize the PoW consensus mechanism. Once The Merge process is completed in September 2022, Ethereum Classic will be the alternative for ETH miners. 

Some PoW miners who previously mined ETH started to switch to mining on the ETC chain. As a result of this, ETC’s current hashrate is 22.03 TH/s, an increase of over 21%. Also, the network is getting close to an all-time high hashrate. ETC reached its highest ever hashrate on May 7, 2021, with a block height of 12,695,074.

AntPool, the mining pool associated with mining rig company Bitmain, has contributed $10 million to assist the  layer-1 blockchain protocol Ethereum Classic ecosystem, said Lv Lei, the pool’s CEO at Bitmain’s World Digital Mining Summit on Tuesday.

ETC is still down by 32.1% from last year and it lost over 79% of the value from its all-time high of $167, which was recorded in May 2021.

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Coinbase Exchange Reportedly Sued in the State of Georgia

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Sec Launches Fresh Probe Into Coinbase Listing Securities Claim
  • Pomerantz LLP has also filed suit against the exchange.
  • Coinbase is accused of making false and misleading statements.

Coinbase is been sued many times and is under growing scrutiny from authorities. Two law firms filed lawsuits against the cryptocurrency exchange in San Francisco, which is already under investigation by the United States Securities and Exchanges Commission (SEC). Recently it has been revealed by crypto commentator Watcher.guru that the exchange is being sued in Georgio for allegedly failing to protect users from unauthorized transfers.

Bragar Eagel & Squire, a law firm located in New York City, said on Thursday that it will be suing Coinbase for false advertising. Pomerantz LLP has also filed suit against the exchange, claiming it was damaged by the defendant’s alleged breaches of federal securities laws and is thus entitled to restitution. The purpose of this litigation is to award damages to the claimants.

Embroiled in Lawsuits

Coinbase is accused of making false and misleading statements about its business, operations, and compliance activities between April 14, 2021, and July 26, 2022, in two separate charges. The accusations allege that Coinbase concealed the fact that the customer’s crypto held in escrow at Coinbase would be considered part of a bankruptcy estate and subject to procedures in which consumers would be regarded as general unsecured creditors of the corporation.

Coinbase allegedly concealed the fact that it allowed U.S. residents to trade virtual assets that, despite its knowledge and complacency, needed to be registered as securities with the Securities and Exchange Commission (SEC). The complaints allege that as a consequence of Coinbase’s conduct, the company’s public claims have been fundamentally dishonest and misleading from the beginning.

Coinbase has been at the center of numerous high-profile lawsuits and scandals. The two latest lawsuits came as Coinbase is being probed by the SEC for allegedly dealing with unregistered securities. 

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Alphabet Makes $1.5 Billion Investment in Blockchain Sector

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Establishment Of Bitdao’s Layer 1 (L1) Proposed By Bitdao Development Team Headed By Bybit