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Zcash Drops By 17 Percent After Failed Boost From Coinbase

zcash

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.

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