Zcash tops $1,600 as 21Shares launches European ETP

Zcash climbed above $1,600 on September 23 as 21Shares launched a physically backed exchange-traded product for the cryptocurrency on Euronext Paris and Amsterdam, expanding access for investors using traditional brokerage accounts. The reports do not establish that the listing caused the price rise; trading momentum and leveraged positions were also cited as factors in the move. ZEC rose to an intraday high reported in different accounts at about $1,643 and $1,670 before pulling back in one snapshot to roughly $1,626. The reports therefore do not establish a single definitive peak. The token’s move above $1,600 was its first time at that level since 2016, according to the coverage. It had also advanced through the $1,300, $1,400 and $1,500 marks during the rally. The new European product holds ZEC and gives investors exposure without requiring them to buy or custody the cryptocurrency directly. It is available on the Paris and Amsterdam exchanges. Reports identify an annual management fee of 2.5 percent. The launch provides another exchange-traded route to Zcash after Grayscale introduced a U.S.-listed spot Zcash fund on NYSE Arca.