Judging by a recent tweet from ETCDEV, Igor Artamonov, the Founder and CTO of ETCDEV, came out with an announcement. He came out saying that the development team cannot work like this and they’re shutting down ETCDEV. ETCDEV is one of the Ethereum Classic development teams.
Is ETC dead?
In their Twitter thread, many people refer to the recent Coinbase listing, when lots of people accused Coinbase of insider trading when the asset launched on their multiple platforms. Also, many questions Coinbase of their decision making regards to adding Ethereum Classic to their platforms. However, the fact is – ETCDEV is not the only development team on Ethereum Classic. The official account of Ethereum Classic cleared the air saying: “Ethereum Classic is not ETCDEV. Ethereum Classic is IOHK, ETC Co-op, ETC Labs, and ETCDEV.”
So you can imagine what the shut down of ETCDEV looks like on a wider scale.
The market impact
However, many crypto projects are suffering during this bear time because of lack of finances. Most of them entirely rely on the funds they got during the ICO period. Also, those funds are tanked because they probably stored their funds in ETC, which price has dumped throughout this year. ETC saw a huge price increase at the beginning of 2018. The price during the first days of January went through the roof in the matter of a couple of days when it experienced a massive rise from $27 to $44. Then, starting from February 22nd, ETC went into a total bear market, and now it has come round $4.11. The asset is down 91% from its ATH.
The market continues to decrease in value as this is yet another red day in the cryptocurrency markets. The positive thing – the dominance of Bitcoin over other cryptocurrencies is still increasing rapidly.
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