Coinbase fails to pump ZEC as it records 17 percent loss from its daily high

Coinbase fails to pump ZEC as it records 17 percent loss from its daily high
Dec 1, 2018 by Rico Wise

The US-based cryptoexchange informed the financiers that in the upcoming future there will not be any support provided for withdrawals of in-house or anonymous transactions on the blockchain of Zcash, or Zcash secured transactions.

Here is the quote from the official statement of the cryptoexchange itself:

“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.”

Implementation of ZEC has an ambiguous reception from financiers in the cryptocommunity. Despite the fact that the introduction of a digital currency concentrated on privacy aspect by the world’s most strictly regulated and compliant cryptoexchange is viewed as an important milestone for the secotr of digital currency, the process of introduction has encountered some major criticism from financiers.

Before ZEC was enlisted, same as in the situation with BCH implementation by Coinbase, the asset’s value began rising subsequent to more than two weeks of decline.

Shortly, starting on Nov 27, ZEC value began spiking from nearly 64 USD, registering three daily peaks with impressive purchase volume. Within the course of three days, ZEC’s value grew by 52% to the level of 97 USD.

Over the past three days, BTC registered a substantial momentum growth by displaying 13% value gain on Nov 28. The newly found BTC momentum might have cause ZEC to record price gains before its listing and taking into the account the cryptomarket’s overall positive action two days before the implementation, the argument versus insider cryptotrading is quite weak.

Nevertheless, On Nov 27, Coinbase clients informed that Zcash was included to some features of the Coinbase app, which served as a hint for financiers to buy the currency. It remains unclear if the implementation of ZEC to the existing feature on Coinbase was coincidental or not. Still, some financiers think that the inclusion of ZEC on the application’s feature hinted the financiers to buy the currency before it got listed.