Bittrex, one of the top 50 cryptocurrency exchanges by trade volume around the world, announced using its Twitter handle the decision to enable crypto/fiat trading pairs for Cardano and Zcash. The approval of a crypto-fiat pair is of great importance as it demonstrates the proven trustworthiness of a cryptocurrency as well as its legality and legitimacy.
Crypto fiat pair proves trustworthiness of Zcash and Cardano
The approval of crypto-fiat pair by one of the biggest exchanges demonstrates – and an American one, at that – will be seen as an endorsement of the trustworthiness, legality, and legitimacy of the cryptocurrencies in the eyes of many as it directly exposes the currency to everyone that wants to invest in cryptocurrencies be it an expert or a novice. Indeed, Bittrex’s Twitter community has received the announcement well, shown by the fact that in just a couple of hours the tweet received more than 1000 likes and 500 retweets, with positive comments from crypto enthusiasts.
We’re rolling out more USD pairs. On Sep 5 we’re launching US dollar (USD) markets for Cardano (ADA) and Zcash (ZEC). Eligible #Bittrex accounts created before August are already enabled for USD trading. New user or want to deposit/withdraw USD? Details: https://t.co/KA248OA2Bz pic.twitter.com/pzCry5OdTr
— Bittrex (@BittrexExchange) August 29, 2018
An important point to note in the announcement is that crypto-fiat trading isn’t for everyone yet. Due to regulatory reasons, only a couple of states in the US are eligible to access the crypto-fiat markets Bittrex offers. The exchange itself recommends that those unable to take part in direct trading use Tether (USDT), a coin with a constant value of $1 instead.
Bittrex also explains exactly who can trade in USD, and it says:
To be eligible for the USD markets you must be living or operating:
- Outside the United States, or
- Inside the United States in California, Washington State, New York State, Montana, or Arizona
- Corporate customers operating in Pennsylvania are also eligible
Also, read: Google Looks Cardano’s Way for Crypto Adoption
Why listing on Bittrex is important?
Bittrex is a US-based cryptocurrency exchange headquartered in Seattle, Washington. It is one of the most important exchanges in the USA as it offers crypto-fiat pairs allowing experts as well as novices to enter cryptocurrency markets. Because of this Bittrex follows some strict compliances in terms of listing and delisting any cryptocurrency. The exchange also is the thirteenth largest cryptocurrency exchange by daily trading volume and is renowned for the vast number of cryptocurrencies it has listed and has a good reputation for its security. No being regulated by US securities laws, Bittrex still has taken some strong steps to protect the interest of customers. Usually, coins see a spike in their prices when their name surfaces with regards to listing on Bittrex as it is considered positive.
On March 6, 2018, Bittrex listed TrueUSD, a stablecoin claimed to be backed by USD. Bittrex was the first exchange to list TrueUSD and is currently the only US-based exchange to list it. Since its listing on Bittrex, TrueUSD has twice spiked to a price of 1.30+ USD despite its supposed price peg.
On March 20, 2018, Bittrex announced their decision to de-list 82 cryptocurrencies which were found to be in violation of their listing requirements.
On May 25th, 2018, Bittrex added support for NAGA (NGC). Immediately after listing, Bittrex took over more than 30 percent of total NGC trading volume
Bittrex recently delisted Bitcoin Gold following a series of heists that netted thieves over USD 20 million in stolen funds in May this year. The price did not sink much this time due to positivity in market sentiment but the gains were very smalls.
Bittrex listing is being viewed by many as super important and so does the price react the same way. While reporting we had not seen much difference in prices as yet but one can expect them soon to be upward moving for Zcash and Cardano.
Will Bittrex listing start a bull run in Zcash and Cardano coins? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.