Ethereum Classic Makes It To Grayscale Investments Trust Basket

Azeez Mustapha
10 September 2021 | Updated: 10 September 2021

Ethereum Classic (ETC) and two other cryptocurrencies have made it to the Grayscale Investments trust basket. The largest digital asset manager recently added the Ethereum Classic Trust, Bitcoin Cash Trust, and Litecoin Trust to its list of SEC reporting products, bringing the total number of this basket to six.

The announcement came from the firm’s CEO, Michael Sonnenshein, in an interview with Forbes. Sonnenshein revealed that the new funds comprised the Grayscale Bitcoin Cash Trust (BCHG), the Grayscale Ethereum Classic Trust (ETCG), and the Grayscale Litecoin Trust (LTCN). The chief executive officer added that:

“This is something that investors not only have expressed wanting but something that we feel they deserve.”

The introduction of SEC reporting companies has “opened Grayscale to a wider audience of investors who are typically used to seeing that [type of reporting] when they think about making investments.”

That said, Grayscale has an instituted lock-up period for its investments, and only recently, the firm reduced this lock-up period from twelve to six months. The company’s first three trusts include the Bitcoin Trust, the Ethereum Trust, and the Digital Large Cap Fund.

Meanwhile, Grayscale’s AUM has surged significantly over the past few years. As of September 9, the firm had a total AUM of $43 billion, with the Bitcoin Trust (GBTC) accounting for over $30 billion.

Key Ethereum Classic Levels to Watch — September 10

Following the recent flash crash, which affected most of the crypto market, ETC fell into a sideways bias between $60 and $57. However, this prolonged consolidation in the twenty-sixth-largest cryptocurrency appears to have given way to more bearish price action as ETC dropped to the $55 mark earlier today, a 5.29% intraday decline.

ETCUSD – Hourly Chart

That said, we expect the bearish movement to end the $54 mark, where a double-bottom pattern would emerge on our hourly chart and could facilitate a significant rebound to the $65 area. However, a sustained drop below the $54 mark could open the doors to $50.

Meanwhile, our resistance levels are $57.00, $59.00, and $60.00, and our support levels are $55.00, $54.00, and $52.00.

Total Market Capitalization: $2.06 trillion

Ethereum Classic Market Capitalization: $7.35 billion

Ethereum Classic Dominance: 0.35%

Market Rank: #26

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!
Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.