Zcash Suddenly Became The Black Sheep On The Market-Why?
Zcash suddenly became the worst performer on the market after it dropped by more than 15 percent this week as Bitcoinâ€™s dominance reaches 70 percent as we read in the latest cryptocurrency news reports.
The privacy-focused cryptocurrency Zcash suddenly declined to a market cap of less than $400 million and it was only trading at $66 less than seven days ago. Among the leading 30 altcoins by market cap, Zcashâ€™s decline is surpassed by Maker which is a token built on the ethereum blockchain. The double-digit drop comes right after Coinbase UK announced they will delist the privacy coin and this is ten months after the platform first announced the support for the coin.
The crypto exchange asked the customers in the United Kingdom to convert their Zcash holdings into other cryptocurrencies or simply move them to another platform by August 26th. The users who won’t manage to take the prescribed steps will see their Zcash coins forcibly converted into sterling pounds after the deadline has elapsed. The move will only affect the users from the United Kingdom. Other exchanges in the country remained unaffected but the delisting has still raised questions about the regulatory status of the cryptocurrency overall. Coinbase UK still hasnâ€™t explained the move but the speculations explain that the platform has a plan to access the Faster Payments Scheme designed to reduce transfer times.
In July, the crypto exchange announced that they will temporarily suspend the support for the FPS as we read in the coming altcoin news with regards to deposits and withdrawals being made in the sterling point. At that time, Coinbase UK gave no indication that it is planning to delist any coin. The talks about the regulatory backlash have been rebuffed by the senior market analyst Mati Greenspan who believes that Zcash is the most complaint cryptocurrency among the privacy coins. Greenspan also noted that Coinbase UK is being forced to delist Zcash:
“Hard to imagine that any particular financial institution will specifically hinder business operations with Coinbase solely due to their dealings with Zcash in particular, especially given their overall business operations that have exposure to all types of crypto assets.”
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