- ZClassic’s price dropped almost 70% spil users embarked dumping it after assuring they’ll receive airdropped Bitcoin Private Tokens
- This isn’t the very first time ZClassic pumps before a hard fork, and subsequently dumps after
- Bitcoin holders will also reveice Bitcoin Private tokens
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ZClassic (ZCL), a privacy-centric cryptocurrency forked from Zcash to eliminate the 20% founders prize the team has for the very first four years, spotted its value plunge by almost 70% today, after the much-awaited snapshot date for the Bitcoin Private (BTCP) airdrop went by.
According to gegevens from CryptoCompare, ZClassic’s price plunged by 79.05% te a matter of minutes after the snapshot. Its price went from a high of $115 te the last 24-hour period to, at press time, $22.8. Effectively, its market cap dropped from about $400 million to $101 million.
The Bitcoin Private fork wasgoed announced back te December. Soon after, it wasgoed exposed that both Bitcoin and ZClassic users would get BTCP tokens at a 1:1 ratio, ZClassic’s price began to surge from about $Four to a $200 all-time high before it commenced correcting.
Bitcoin Private is another privacy-centric cryptocurrency, that uses zk-snarks – a technology found te Zcash – to obfuscate transactions. Spil some expected, greed for the fresh token spotted various users buy ZCL, and subsequently dump it spil soon spil the snapshot that permits them to receive airdropped tokens wasgoed taken.
Gegevens shows 94% of ZClassic’s trading volume occurs on cryptocurrency exchange Bittrex. The exchange wasgoed silent for most of the time the coin wasgoed pumping, but just hours before the fork announced it wouldn’t support the airdrop. It wrote:
“Bittrex will NOT be supporting the market for Bitcoin Private but due to issues with the Zclassic wallet, wij will offerande Zclassic holders on Bittrex partial support through claiming and withdrawing BTCP.”
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Other cryptocurrency exchanges, on the other arm, did what they could to support the airdrop. Cryptopia, an exchange that often lists overlooked tokens, by hand processed ZCL withdrawals, while crediting BTCP balances to every user who requested a withdrawal at least 8 hours before the snapshot.
Notably, this isn’t the very first time ZClassic’s value pumps up before a fork. Last year, the cryptocurrency’s blockchain eyed ZenCash (ZEN) fork off it. Similarly, it’s price went up from about $0.7 to almost $Ten. After the fork, it dropped back down to about $1.Five.