Binance, the leading crypto exchange by volume, has confirmed plans to support Ethereum Classic’s (ETC) upcoming network upgrade. Accordingly, the trading platform will temporarily halt ETC deposits & withdrawals on Feb 4.
[BINANCE] Binance Will Support the Ethereum Classic (ETC) Network Upgradehttps://t.co/flTM7zxtGg
— PhoenixNews.io (@PhoenixNews_io) January 31, 2024
Binance to support Ethereum Classic’s planned upgrade
Binance reveals that it will support Ethereum Classic’s network upgrade. The announcement added that it will temporarily suspend ETC deposit & withdrawal transactions on Feb 4 at 13:00 UTC. The upcoming upgrade will happen at 19,250,000 block height at around 13:50 UTC on Sunday.
ETC trading will remain uninterrupted during the planned improvement. Meanwhile, Binance will satisfy all user technical needs and relaunch deposits and withdrawals once the upgrade gains stability.
Network upgrades are essential as they change or enhance the existing software or protocol. They improve blockchain features such as performance, scalability, and security.
ETC price outlook
Ethereum Classic maintained bullish prices during this publication, up 3.25% over the previous day to $25.58. The altcoin seems ready to break from a rounding bottom pattern after notable recoveries in the last 48 hours.
ETC 1D Chart on Coinmarketcap
Continued buy actions might propel ETC past the pattern’s neckline at $26, translating to solid uptrends to $30. Bullish network developments and supportive broad market catalysts, including Ethereum exchange-traded funds speculations and the upcoming Bitcoin halving, might propel Ethereum Classic’s price to $50.
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