Ethereum Classic price has nearly doubled days after Digital Currency Group’s $50M bet
The gains also appear amid an overall crypto market recovery following Bitcoin’s sharp rebound from $30,000 support.
Ethereum Classic (ETC) reached its highest level in almost three weeks Wednesday, buoyed by Barry Silbert-backed Digital Currency Group’s $50-million investment and by an overall cryptocurrency market recovery.
Digital Currency Group (DCG) revealed on June 21 that it has authorized the purchase of up to a total of $50 million worth of shares of Grayscale Ethereum Classic Trust (OTCQX: ETCG). Grayscale is a New York-based investment firm that provides accredited investors access to digital currency products in the form of traditional securities.
ETC’s gains also appeared in days leading up to a major Ethereum Classic blockchain upgrade in July.