ZCash had another wild rollercoaster riel ter the past week spil news surfaced that the anonymous coin would be listed on Bithumb, the most active Korean exchange. ZCash seemed all but forgotten, moving sideways with a price below $200 when volumes and prices moved to the $300 level for the very very first time after the September slump.
It turns out the growth is far from organic, and the major reason were buyers tipped by insider information from Bithumb. An employee collective a memo outlining the introduction of ZEC and QTUM trading on the exchange, causing a spike ter orders. At one point, the price rise of ZEC reached $450.
Vooraanstaand investor WhalePanda confirmed the insider effect on ZCash:
The greater spike for ZEC came after the news became official, mirroring the listing of Monero last month, when XMR spiked up to three times its usual price and moved to a higher range around $100.
But for ZCash, the story may not end here- soon, it would be exposed to request and trading from the most active exchange te the world. Bithumb trading spiked above $Two.Five billion after some of the request for cryptocurrencies flowed overheen from Chinese exchanges.
With the latest price spike, ZCash and Bithumb fall right into the zoeklicht of Korean regulators, who are now looking even closer at cryptocurrency trading. But presently, there are absolutely no measures to tackle such a case of insider leaks. Cryptocurrency markets often budge on private signals and fall prey to pump-and-dump schemes, and there is no mechanism to mitigate the risks or penalize the involved parties.
ZCash remains a controversial cryptocurrency. While its security features are unique, such spil the zk-SNARKs anonymity protocol, there are criticisms from the Monero community, who believe ZCash relies too much on hype. At the same time, the Equihash algorithm wasgoed taken up spil a solution to launch Bitcoin Gold, a fresh implementation of the Bitcoin blockchain. And the Ethereum network is running zk-SNARKs for anonymous transactions, presently ter test mode, but coming soon to the main Ethereum chain.
Only time will tell if ZCash can get through and be used by a broader community, spil most cryptocurrencies are still fighting for attention.