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Coinbase, Cryptocurrency, ZCash (ZEC) –On November 29, in a move that was somewhat surprising given the state of the crypto markets, the American-based exchange Coinbase announced imminent commercial support for ZCash (ZEC). While Coinbase had previously made waves with an update on the addition of five new currencies to the exchange, the company was painfully slow to follow the example.
In July, after spending months without adding a new coin for investors to buy or sell, Coinbase teased its thirteen million customers with news of potential listings. Included in the offer were the Basic Attention Token, 0x, ZCash, Cardano and Stellar – a decent spread that made investors boil, particularly regarding the potential of the last two. In addition to adding support for Bitcoin Cash in December 2017, whose market capitalization was broadly supported due to the split from the maximum limit of the cryptocurrency market, it was a welcome change to see Coinbase targeting such high-profile currencies. The ADA of Cardano, the tenth largest token and the Stellar XLM, fourth by market capitalization, have made waves in their respective sectors attracting the attention of the major corporate players. Cardano's crew visited the Google offices at the beginning of the year, while Stellar built links with IBM's leading industry and a partnership with the social media giant Facebook, which was later denied.
However, of the five original currencies described in the Coinbase report, Stellar and Cardano are the two so far not Making the cut This has led investors to wonder if an addition to ADA and XLM is inevitable at this point, or if Coinbase is waiting for a more opportune moment. Given the somewhat disappointing price movement for ZCash at the start of the week, it is fair to wonder if the huge clamor surrounding an added Coinbase is fading before both coins can make the cut.
While the ZEC jumped 17% immediately after the announcement, the currency failed to keep its earnings more than twenty-four hours and has since returned to the pre-announcement level of the price level. In some respects, the change in Coinbase in managing the process of new coin additions to the exchange is working: rather than creating a massive upward rush (like the Bitcoin Cash fiasco that led to the company being accused of insider trading), the price movement for ZEC was relatively pedestrian. For the exchange and its commitment to grow its asset class in an ethical manner for the market, the modest price movement could represent a victory.
However, it could also be a combination of weariness on the part of investors when we approach the end of the 2018 bear cycle and the culmination of two of the worst weeks for encryption, in conjunction with people passing over setting a Coinbase list. In January, after riding the wave of Bitcoin bulls, XRP fired $ 3.80 per throw, largely on rumors of a looming addition to Coinbase. When that rumor was proved false by the exchange, the price quickly plummeted and has since retired for the entire year.
Coinbase, once upon a time, had the potential to have a major impact on the price of a currency by opening it to more casual and mobile-based cryptographic investors trading within the limited trading limits. But if the recent price movement for ZEC is an indication, a possible listing for Cardano and Stellar may not have the kind of price impact that most investors would prefer to see.
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