ZClassic (ZCL) Gets Delisted from Bittrex; News Crashes Price to Record Lows
The exchange prepares to stop the markets for 12 trading pairs, but the delisting of ZClassic (ZCL) angered the community.
Bittrex entered another round of delistings, this time shedding ZClassic (ZCL). The delisting is a part of a larger batch of coins to be removed according to new policy changes, but the ZClassic community was especially angered.
The ZCL asset is a relatively old altcoin forked from ZCash (ZEC), to avoid including an unfair founders’ reward from pre-mining. ZCL also lost some of its reputation as it was used for setting up the Bitcoin Private (BTCP) hard fork. This helped ZEC shoot upward to nearly $200, only to crash within hours – and then manage another spike to $100, taking in even more investors.
ZCL went on to hover between $1 and $2 for months, with the occasional price spike. But the most recent delisting announcement crashed the price to as low as $0.33, marking one of the deepest crashes in crypto history. ZCL managed to recover to around $0.77 for now.
ZCL also had the misfortune of relying on Cryptopia, the now-defunct exchange which is undergoing a bankruptcy procedure. After Bittrex delists the coin from July 12, the asset will have almost no liquidity, as more than 99% of all ZCL volumes were concentrated on Bittrex.
The asset traded on relatively low volumes against Bitcoin (BTC), at less than $900,000. Activity on TradeSatoshi and CoinExchange is negligible.
A relatively unknown decentralized exchange, DynX DEX, has shown interest in taking up ZCL:
We are happy to inform the community that we will list @ZclassicCoin in our platform.
Markets will open shortly.
— DynX Exchange (DEX) (@DynXofficial) July 1, 2019
At this point, ZCL has a relatively small community, after losing its appeal. The asset has also left behind the option of being used as the basis for hard forks. The latest hard fork, for ANON coins, back in September 2018, caused only a small price spike.
Other assets delisted from Bittrex will include ArtByte (ABY), Diamond (DMD), EmerCoin (EMC), Musicoin (MUSIC), Qwark (QWARK), SolarCoin (SLR), WhiteCoin (XWC). Bittrex removed coins based on low liquidity and popularity, as well as the potential to fit the criteria for unregistered securities based on US laws. Bittrex also limited access to some assets for US-based investors.