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Privacy Token Horizen (ZEN) Soars 22% After Listing on Coinbase
Inclusion on the crypto exchange has historically bumped up prices.
Updated May 11, 2023, 5:08 p.m. Published Sep 16, 2021, 11:16 a.m.
On Wednesday, Coinbase announced that it is listing the cryptocurrency , prompting a 22% rise in the price of the privacy token.
The token is the top-performing digital asset today of any crypto with a market cap of over $1 billion, according to data tracked by Messari. At press time, the token was trading at $103.62.
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After the announcement, Barry Silbert, founder and CEO of Digital Currency Group wrote a bullish tweet stating that he owns ZEN personally and that DCG has a large position, too. (DCG is the parent company of CoinDesk.)
Thrilled to see Coinbase adding Horizen to their exchange. If you value privacy, scalability and versatility, you should check out $ZEN
— Barry Silbert (@BarrySilbert) September 15, 2021
[Disclosure: I personally own ZEN and DCG has a large position] https://t.co/vxL7b55AlY
The token’s increase in price is almost certainly related to the “Coinbase Effect,” the price pump that almost all smaller digital tokens experience after their listing on the U.S.-based exchange because of the exposure to a new set of market participants.
Messari conducted its own research into the effect and found that Coinbase listings lead to higher returns, compared with listings on other exchanges.
Horizen is a privacy-orientated cryptocurrency with sidechains that enable anyone to build privacy-based applications. It was launched in 2017 under the name ZenCash.
ZEN, is a mineable proof-of-work (PoW) coin that reached an all-time high of $166.27 on May 8. The token is about 60% below that peak.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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