hello everyone I have a question I was on a you tube zcash live price stream and I noticed a symbol for a exchange I never seen before what got my attention was the sell/buy trades that went by where for $75. less than the market so I did some searching I not sure what the symbol or exchange is
I like for you to look at the YouTube stream and you will see live trades from the big exchanges than you will see the greenish blue x symbol you will also see that the price is way under market can someone explain this to me ??/ https://www.youtube.com/live/OknTXLZBZdQ?si=3bQL477i80Myjyu2
I would like to ask whether it could somehow be manipulating the price of Zcash by selling large amounts significantly below market value for example, $75 under the prevailing price in order to suppress the market?
I am also wondering if there may be a large short position involved behind the scenes, and what the possible benefit would be of selling at such discounted prices. Could this be intended to create downward pressure, trigger panic selling, increase liquidity for larger buyers, or benefit a short seller?
I would appreciate any insight or clarification regarding whether this type of activity is possible, how it might work, and whether there is any evidence suggesting coordinated market manipulation.
I watched that YouTube livestream for a while, and also compared the trades in your screen shot.
(Trigger warning: you will probably find the Nintendo-like dinging noise from the live trade ticker either hypnotic, or headache inducing.)
The icons next to the trades in the left ticker:
Yellow diamond = Binance exchange, Black icon with white X = OKX exchange, Blue/teal bow-tie-looking icon = Poloniex exchange.
I would say that the trades you talk about: Blue droplet/flame icon = Huobi/HTX
As you say, some of the prices are consistently out of range with the rest of the trades shown.
They don’t look like real ZECUSD trades, but mismatched/bad/stale data.
Most likely they are ZECEUR trades not ZECUSD, as the price difference from ZECUSD to ZECEUR matches fairly closely, i.e. ZEC priced in EU euros (€).
So, not real ZECUSD trades. A misconfigured feed or mismapped price source for that exchange most likely.
it seems like its poloniex logo. in the past when exchanges had ZEC withdrawals disabled similar pattern happened where ZEC traded much lower than market rate.
Withdrawals have been suspended on Polonex for several weeks, so these are the actual prices in US dollars. The same situation occurred a year ago on Bitfinex. When the exchange offers no explanation as to why withdrawals have been suspended, the market reacts by trading at a discount to the actual market rates, as it is unclear whether you will be able to withdraw these coins at all later on.
I’m thankful you all have seen this. Sorry for not warning you about the casino-from-hell noise.
So from what people are saying, is this real Zcash selling at a huge discount. can that then be sent to ZODL Shielded, and from there sent to an exchange and sold at market price? If that’s true, couldn’t someone make millions doing this? and what any impact on the price?
I am just concerned that this could be detrimental to Zcash just doesn’t feel right
Only if withdrawals from Poloniex actually work. And the depth of the order book there, probably not very deep.
If ZEC withdrawals are suspended, then what you see as “cheap ZEC” is probably just trapped Poloniex balances. You can buy a cheap number on the screen, but may not be able to get the coins out. That’s why it currently trades at a discount.
As @artkor explained, the market is pricing in CEX counterparty risk otherwise known as “can I ever withdraw this?” risk.
If Poloniex withdrawals reopened reliably, arbitrage would probably close the price gap pretty fast. Until then, it is less “free money” and more like discounted casino chips from a casino with the doors locked.
So in summary: suspicious-looking, yes.
Proven ZEC price suppression, no.
Also price in the Justin Sun risk. He confirmed he was part of the investor group that acquired Poloniex from Circle, but the current ownership/control structure is not exactly transparent.
Thank you I wonder if the clarity act will force the exchange to allow withdraw’s?
I don’t understand how they can sell and not allow withdrawals seem like a lawsuit waiting to happen Especially with the clarity act giving will the gov powers to act against exchanges.
