Zcash, a privacy-focused cryptocurrency is in the altcoin news today for its integration into Coinbase Pro which is a US-based regulated crypto exchange operated by Coinbase.
Coinbase explained to its investors that in the near future, Zcash withdrawals, private and anonymous transactions on the Zcash network will not be supported. The major exchange explained:
“Initially, we will support deposits from both transparent and shielded addresses, but only support withdrawals to transparent addresses. In the future, we’ll explore support for withdrawals to shielded addresses in locations where it complies with local laws.”
The integration of Zcash received mixed reactions from investors in the crypto community. The implementation into one of the most regulated crypto exchanges on the market, the process, however, was massively criticized by some of the investors. Prior to the listing of Zcash, the price of the asset started to go up after being on a long downtrend for more than 14 days.
However, the price of Zcash started to spike going to $64 and within a three day period, the price managed to increase to $97 which as a 52% increase. On the other hand, Bitcoin recorded a slight increase by 13 percent in one single day. This establishment could have led Zcash to rise to take into consideration the market’s overall positive movement.
On November 27, most of the Coinbase users reported that Zcash was added to certain features on the Coinbase application and some investors believe that this was a tipping moment for investors to start purchasing the asset prior to the listing.
Zcash however, fell by more than 17 percent from its daily peek only moments after reaching its new monthly high.
Crypto Market Adds $8 Billion But Litecoin Is Struggling To Gain Momentum
Crypto Market Adds $10 Billion, Currently With $134bn. In Circulation
EOS Skyrockets By 30% In 24 Hours: How Far Can This Altcoin Go?
Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
Join us on Facebook
- The Cyprus SEC Is Calling For EU Anti-Money Laundering Framework Implementation
- US Exchange Giant Coinbase Acquires Blockchain Startup Neutrino
- Central Bank Of Japan Examines Digital Currencies According To New Report
- Crypto Market Adds $8 Billion But Litecoin Is Struggling To Gain Momentum
- Craig Wright Calls Out Ethereum For Being Unable To Scale
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
Bloomberg Editor: JPMorgan’s Cryptocurrency Will ‘Obliterate’ Ripple
Bitcoin News3 days ago
Bitcoin Is Closer To A First Positive Month Since July 2018
Regulation4 days ago
New Blockchain Framework Bill Passed Into Law In Luxembourg
Altcoin News4 days ago
Norwegian Anarcho-Capitalist City Adopts Crypto As Official Medium Of Exchange
Altcoin News3 days ago
ETH-Based Maker (MKR) Outperforms In February With 37% Gains
Bitcoin News5 days ago
Is It About Time Millennials Invest All-In On Bitcoin: Investor Talk
Regulation3 days ago
SEC’s ‘ICO Guide’ With A Gloomy Outlook For Cryptocurrency In 2019
Altcoin News3 days ago
Top Cryptocurrencies See Green, Ending Week With A Positive Action