Biggest Movers: ETC Trading Below $40.00 Ahead of Thursday's Merge Event

Ethereum classic rebounded on Wednesday, following three consecutive days of declines. The token dropped below $40.00 earlier this week, and continues to trade below this level ahead of tomorrow's merge event. On the other hand, Solana remained lower, with prices falling by over 8% today.

Timeline of Ethereum-classic

Ethereum Classic's hash rate has surpassed 64 terahashes per second (TH/s), having grown more than 40% in September ahead of The Merge. The post Ethereum Classic hash rate shot up by 200% over last 30 days appeared first on The Block.

According to Watcher Guru, we are only 12,554 away from the Ethereum Merge, which is expected to happen at 1:09 on September 15 (CST). By then, Ethereum will have transitioned to PoS, a major blow to PoW miners in the network.

Amidst preparations for the Ethereum Merge, ETC Group made a shocking announcement on Wednesday. The digital assets and blockchain equity provider declared its plan to continue using Ethereum's proof-of-work consensus for its current Ethereum exchange-traded products.

Ethereum Classic (CRYPTO: ETC) is trading lower by 8.03% to $35.27 Tuesday morning after August CPI data showed worse-than-expected inflation. This has driven a risk-off sentiment and has also raised the potential for further Fed policy tightening to curb inflation.

The overall crypto market shows signs of price reversal from the downtrend, boosting investors' confidence. To start with, the week started well for BTC as the market saw its price above $22K.

ETC Group, which claims to be one of Europe's leading specialist providers of institutional-grade digital asset-backed securities, has announced that it will “list a new exchange traded product on XETRA based on the imminent hard fork of Ethereum and ETHW (the native asset to the

Digital asset-backed securities provider the Etc Group has said it will list an exchange-traded product (ETP) based on an anticipated hard fork of the Ethereum blockchain on September 15. Current holders of Etc Group's ethereum ETP (ZETH) will be issued with “units of the new security free of charge on a 1:1 unit basis.

Ethereum Classic (ETC) has so far performed on the expected lines as The Ethereum Merge approaches. With the miners considering a shift to Ethereum Classic, the cryptocurrency looks set to benefit.

20 days ago, a poll was shared on Twitter asking miners where they planned to dedicate their hashrate, after The Merge transitions Ethereum into a proof-of-stake (PoS) blockchain. The proof-of-work (PoW) contenders at the time were tokens like ravencoin, ergo, flux, and ethereum classic.

As the Merge date which is scheduled around September 15 and 16 is approaching, Ethereum Classic (ETC) is gaining massive demand. This has pushed the price of the currency towards huge gains since June.