ZCash (ZEC) Starts Trading on Bitpanda
The anonymous coin is the latest addition to the portfolio of Bitpanda, where a direct cash purchase is allowed.
Bitpanda has opened trading for ZCash (ZEC), one of the newest anonymous crypto assets. Launched in the fall of 2016, ZEC has steadily expanded its presence on exchanges and has produced two hard forks - ZClassic (ZCL) and ZenCash, or Horizen (ZEN).
Barring Dash (DASH), ZEC is the most powerful anonymous coin on Bitpanda. In theory, there are other assets allowing for some form of anonymity, but ZEC uses the ZK Snarks technology, which is considered the most secure and most difficult to reverse.
Anonymous coins have been problematic for exchanges for reasons related to the technology for depositing coins. Additionally, changing into an anonymous coin has been regarded as an attempt to evade tracking. Recently, the Changelly service revealed its approach to Monero (XMR) exchanges, reserving the right to withhold funds in case a transaction is seen as an attempt to launder crypto coins.
The price of ZEC has taken a beating in the latest market downturn. The coin traded at $107.64 as of 6:30 UTC on Wednesday, extending a series of losses from last week. On September 5, ZEC crashed from levels of above $157 and now threatens to go below the $100 mark.
ZEC could drop below levels not seen since May 2017, when the boom in prices began. With the bear market persisting, the coin has shed almost all the gains and is way below its January 7 peak of $955.27. ZEC also traded briefly at $5,941.80 at the very start of the price discovery stage, on October 29, 2016.
ZEC has since been uniquely volatile due to being listed on niche exchanges. Curiously, more than 46% of ZEC trading happens against Ethereum (ETH), so the current crash in ETH prices has dragged ZEC down as well. Based on data from Coinmarketcap, the ZEC/ETH pair on the LBank exchange accounts for more than 32% of all activity. Thus, ZEC has a unique trading profile, and for now, ETH prices are the biggest pressure on the equivalent dollar price.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.