- ZEC/USD trade has been basically featuring a line of lower lows in the market.
- Traders are now expected to watch out for a decent buy set-up around $60 and $40 price territories.
ZEC/USD Long-term Trend – Ranging
- Distribution territories: $80, $90, $100
- Accumulation territories: $50, $40, $30
The trade worth of ZEC/USD has been basically featuring a line of lower lows under the sell trend-line of the 14-day SMA in a range. On April 23, the pair started depreciating faintly from around a market value put at $70 mark to now hover around a low point at $60 rate.
*Action Required* Enter Your Email for Trending Crypto News & Coin Market Insights
The cryptocurrency may still continue with its present choppy market movements till the next trading days in the week. Whilst that assumption comes to play, it would be very necessary to wait for strong price action to occur. Traders are expected to be on the lookout for a decent buy set-up around $60 and $40 price territories.
Insider Reveals Why Coinbase UK Abruptly Delisted Zcash: Report
New details on why Coinbase UK suddenly delisted the privacy-centered cryptocurrency Zcash are emerging.
Rumors that Coinbase UK is delisting Zcash first surfaced a week ago. The Electric Coin Company, which is the firm behind Zcash, then released a statement confirming the coin’s delisting while also stating that the crypto asset is fully compliant with regulators in the UK. According to the company, no other exchanges listing Zcash will be affected.
“[To] those affected by Coinbase UK issues: This is limited to Coinbase UK only. UK residents can still buy/sell Zcash through CEX.IO. No other exchanges in the UK are affected. To pre-empt speculation, we confirm that Zcash is 100% compatible with UK regulations & KYC/AML requirements.”
Now, a “person familiar with the decision” tells CoinDesk it’s directly connected to the crypto exchange’s recent change of banks from Barclays to ClearBank. According to the source, Clearbank was “uncomfortable indirectly supporting a currency with features that make law enforcement’s job harder.”
Barclays first started providing banking services for Barclays last March when the San Francisco-based exchange began expanding its operations in Europe.
The exchange is fully regulated in the UK, and earned an e-money license from the country’s Financial Conduct Authority in May of 2018.
Zcash investors on Coinbase UK have until August 26th to withdraw their holdings or convert it to another crypto asset. If they don’t meet the deadline, users will have their Zcash automatically converted to British pounds.
Coinbase Pro first began supporting Zcash in November of 2018. At the time, the company addressed how it would handle the coin’s anonymous transfer features.
“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.”
Last May, New York-based Gemini, a fully regulated cryptocurrency exchange, became the first licensed trading platform to support Zcash.
Why Zcash Was Dumped By Coinbase UK
Users of Coinbase in the UK continue to hear bad news. This one is specifically going out to the holders of Zcash. This rumour started to float around this week when the cryptocurrency was all of a sudden dropped by the US giant.
Coinbase and the UK Banking giant Barclays recently ended their relationship and now Coinbase is now banking with ClearBank who allegedly demanded that Zcash was to be delisted.
The Editorial Director for the American Institute for Economic Research, Jeffrey Tucker commented on the split and suggested that it might portend more ‘headwinds’ for the USexchange than for Zcash itself.
“Another solution for moving from Coinbase crypto to cash and back again will emerge. At the same time, it is not getting easier for crypto banking institutions like Coinbase. It is getting harder. Keep in mind that Coinbase is a financial intermediary itself, of the very type that crypto was supposed to make unnecessary.”
“There is a growing consensus that traditional Bitcoin, which enjoys a 65% market domination, is not suitable as a means of exchange. Other tokens might benefit from this shift. But the market is extremely crowded and will continue to shake itself out in the coming years.”
Tedra Desue writes for CCN that Zcash is embraced by holders due to its optional privacy features. But the ‘anonymous’ token has concerns surrounding it about it not-passing regulatory muster in the UK.
Holders of Zcash in the UK now have until 26th August to convert their holdings into any othercryptocurrency or run the risk of having them forcibly converted into British sterling.
Currently priced at $50 following an 8.29 percent change in value, Zcash is in the red, much like the rest of the market.
Zcash is getting into a ‘mess’ with its alterations plans, claims Monero’s Riccardo Spagni
Zcash, the market’s second largest privacy coin after Monero, recently announced that the Electric Coin Company was considering an entire remodeling of the virtual asset’s blockchain and cryptocurrency. Adamant Capital’s Tuur Demeester believes that the present change meant that the company had implicitly admitted that the current model of Zcash was never scalable and that the opt-in privacy feature had issues.
One of the major considerations for the company’s new direction was the implementation of sharding, a scaling technique developed by Ethereum. Zcash developers had put forth their goals and suggested that they wanted to “make Zcash usable by 10 billion people by 2050.”
In a recent episode of Magical Crypto Friends featuring Samson Mow, Charlie Lee, Riccardo Spagni and Whale Panda, the four of them discussed the complete Zcash rewrite.
In the latest segment, the group discussed whether a complete alteration of the system was a “good idea or not,” for Zcash.
Whale Panda opined that a complete revamp was “obviously” going to open doors for a lot of bugs in the system and the software. Riccardo Spagni, who is the Lead Maintainer of Monero, claimed that Zcash was dragging itself into a major “mess,” with their current plans of reorganization.
“There is nothing wrong basing your software off Bitcoin and forking Bitcoin. But then, if you are going to introduce such drastic changes that you code ends up diverging so far from bitcoins that you can’t even keep it in sync with upstream then you’re gonna end up with this mess where you are basically have to have people who full-time job what’s being merged on Bitcoin.”
Spagni added and assumed that Zcash would probably go write the code from scratch and develop a whole new chain, issuance, emission schedule, and whole new Founders’ reward.
Samson Mow, CSO at Blockstream, opined that most virtual assets which presumably developed a 2.0 project were out to scam the next generation of investors, most of whom were new to the cryptospace.
At press time, Zcash was priced at $57.87, with a market capitalization $415 million. The virtual asset recorded a fall of over 2 percent over the last 24 hours.