Cryptocurrency
Ethereum Classic Demand Coming From Traders Covering Borrowed Positions: FundStrat
Ethereum Classic Demand Coming From Traders Covering Borrowed Positions: FundStrat ETC could see steady demand until the end of the third quarter, according to David Grider, strategist at FundStrat. Reported by CoinDesk.com “Ethereum Classic (ETC), a sibling of the Ethereum blockchain’s native cryptocurrency, could see steady demand until the end of the third quarter, according […]
Ethereum Classic Demand Coming From Traders Covering Borrowed Positions: FundStrat
ETC could see steady demand until the end of the third quarter, according to David Grider, strategist at FundStrat.
Reported by CoinDesk.com
“Ethereum Classic (ETC), a sibling of the Ethereum blockchain’s native cryptocurrency, could see steady demand until the end of the third quarter, according to David Grider, a strategist at investment research firm FundStrat.
ETC has almost doubled during the past week alongside other altcoins and bitcoin lagged. Bitcoin rose just 0.65% during the same period.
“We think there are forced Ethereum Classic Trust (ETCG) sellers in the market who are also forced ETC buyers that need to cover borrowed positions in the spot market,” Grider wrote in a research note published on Friday.
ETCG, a trust product launched by Grayscale in April 2017, trades at a roughly 50% discount to its net asset value (NAV). Grayscale is owned by Digital Currency Group, CoinDesk’s parent company.”
Read the full article at CoinDesk.com