As it was reported earlier, on November 30th, Zcash anonymous cryptocurrency was added to the Coinbase Pro, an American crypto exchange. The statement also said that withdrawing Zcash from the platform using anonymous transactions will not be available in the near future.
The cryptocurrency community’s response to the Zcash listing was mixed. While adding an anonymous tool to one of the world’s most highly regulated exchange seemed like the beginning of a new phase for the entire sector, the implementation process itself was criticized by some investors.
Just as was the case with Bitcoin Cash, before adding to the Coinbase, Zcash price slightly rose after a two-week decline. For three days, from November 27, the cost of cryptocurrency increased from $64 to $97, entrenched by 52%.
Over the past three days, Bitcoin also showed a significant increase, showing a 13 percent price increase on November 28. Such Bitcoin dynamics could lead ZEC to a value increase in prior to listing. Taking this fact into account, the arguments about insider trading sound unconvincing.
Contrary to that thought, some influential crypto traders have their interesting reactions:
— WhalePanda (@WhalePanda) November 29, 2018
Others also pointed out that it appears as if quite a few high-profile crypto traders have been buying ZEC in the days leading up to the announcement, even announcing it publicly:
Someone knew.. pic.twitter.com/kjI5Q6LtYQ
— Ха (@sospndD) November 29, 2018
Barry Silbert is the Founder and CEO of Digital Currency Group.
And another one here:
Max Keiser posted a few days ago, that he bought ZEC. Pure coincidence?
— Carsten (@Carsten71071425) November 29, 2018
However, on November 27, Coinbase users reported that ZEC was added to some of the features of the Coinbase brand application, which gave investors a hint of the asset purchase. Whether adding ZEC to an existing function on Coinbase is a coincidence or not is unclear. Although some investors suspect that adding Zcash to the app attracted investors’ attention, prompting them to buy.
Placing this crypto active asset on Coinbase says that the US Securities and Exchange Commission (SEC) does not consider this token as a security. In May of this year, when Coinbase announced its intention to host five digital assets, it was stressed that without the approval of the SEC, none of them would be placed.
In the sense that each cryptocurrency present at Coinbase is not a security under US law, the listing can have a good long-term effect on asset growth.
However, as shown by the experience of placing 0x (ZRX) and Basic Attention Token (BAT) on Coinbase, after they appeared on the stock exchange, they began with their significant fall.
Zcash, in turn, fell by more than 17%, a few minutes after reaching a monthly maximum.