Ethereum Classic price plummeting in spite of Grayscale announcing to publicly-quote it on OTC

Ethereum price is down 10% on Monday and is testing the immediate support level at $16.00. There is a selling rally that is forming; however, it is not easy to point out the reason for the fall in price. On the other hand, the price seems to be reacting negatively to the latest communication from Ethereum Classic (ETC). 
Grayscale is working on listing ETC trust on Publicly-Quoted Over-the-Counter market. The listing will give the investors a chance to purchase ETC trust from the public platform. 
The tweet by Ethereum Classic on Monday morning read: 
“Grayscale Files to list Ethereum Classic Trust on Publicly-Quoted OTC Market.”
Ethereum Classic recent decline puts it among biggest losers among the top twenty cryptocurrencies by market capitalisation. Currently, Ethereum market capitalisation stands at $1.65 billion down from $1.78 billion. The currency is ranked 16th and is traded on several major exchanges including OKEx, Huobi and Bithumb. 
ETC/USD opened trading on Monday at $18.32 and soon embarked on a downside roll that has seen it trade lows of $16.21. The price is exchanging hands above below both the 50 and the 100 simple moving averages which cross at $18.55 to show that Ethereum Classic price could consolidate above $18.00 in the near-term. During the upside gains, the price will encounter stiff resistance at $17.00. However, the MACD is dipping more and more into the negative to show that the oversold is approaching, ETC/USD buyers could reverse the trend. 

ETC/USD hourly chart