Last week the Bitcoin Price after having had its steady recovery all through the month of April, fell down again. The main reason was due to the raid of a South Korean cryptocurrency exchange, UPbit on Friday, as well as Mt. Gox getting involved in a massive Bitcoin sell off.
While Bitcoin price is plunging, ZCash seems to be on the other side of the situation. The price of cryptocurrency Zcash surged more than 47 percent after Gemini Trust Co., the bitcoin and other cryptocurrency exchange backed by Tyler and Cameron Winklevoss, announced it received approval from New York regulators to allow trading in the so-called “privacy coin” that enables anonymous trading.
Read more: Winklevoss Twins’ Bitcoin Exchange Adds Bitcoin Cash, Litecoin, ZCash
After Gemini’s announcement on Monday, ZCash prices rose from $250 to $350 within an hour, adding about $462.8 million to Zcash’s now $1.5 billion market capitalization.
Zcash remains on a tear and recently changed hands at $362.48, according to CoinMarketCap.
Gemini is offering its full-throated support to Zcash. Tyler Winklevoss, CEO of Gemini, said in a statement that Zcash “picks up where Bitcoin left off,” because “Bitcoin has many strengths, but privacy is not one of them.”
In another interview, Cameron Winklevoss noted that coins like Zcash have a small market cap because people are unsure about regulations, but “today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology.”
The New York State Department of Financial Services announced that Gemini also gained approval to list Litecoin as well as Bitcoin Cash in the future. Gemini also has customers in Washington, D.C.l Puerto Rico, Canada, Hong Kong, Singapore, South Korea and the U.K.
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