The Bitcoin Private hard fork is in its final stretch before the snapshot time happening most probably on February 28. But this has spelled a disaster for the ZClassic asset that was supposed to bring an airdrop of new, scarce coins.
The time to trade ZClassic (ZCL) ahead of the Bitcoin Private hard fork has ended, and the asset slides rapidly. After reaching above $180 on a couple of occasions, ZCL is now at $80, with no sign of stopping the slide. Now, only those in expectation of the fork remain, and after that, the ZCL slide may continue.
There are indications that ZCL may slide to nothing, as Bitcoin Private remains the much more attractive project. The biggest trouble was, there were expectations ZCL could go as high as $500 ahead of the fork, so many bought at the peaks in early January, only to see the asset slide back as low as $50. Now, the most recent spike above $150 was followed by what looks like the final crash.
It seems just day ahead of the fork, those not interested in Bitcoin Private tried to sell, depressing the price. Strangely, the ZCL project seems almost abandoned, with much more communication and promises coming from the Bitcoin Private team.
Beyond listing on HitBTC, and expectations that the fork would trade above $500, the Bitcoin Private project announced its goal to open its own decentralized exchange. But some investors believe that HitBTC is no achievement at all, despite the efforts to collect funds via ZCL mining. Some went as far as to call the Bitcoin Private project a scam, or at least a blunder.
The project also claims it has applied for trading on Binance, but the exchange does not usually give early indication of interest in coins or tokens.
The other issue with ZClassic was the problem with withdrawals from Cryptopia. The only way to claim post-fork coins was to withdraw the coins to a wallet where the user had the private keys.
As for Bittrex, where most of ZCL trading happened, the exchange refused to make a snapshot, because freezing BTC wallets even for a short time would lead to losses. So most of the ZCL trading ahead of the fork was highly speculative, by users never intending to claim the BTCP asset.
Unfortunately, many got caught in the downward spiral of ZCL prices, having bought at peak prices. With the ZCL crash in a day, the Bitcoin Private is yet another Bitcoin fork starting off with a scandal.