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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.
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
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