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Six days after listing ZCash (ZEC) on its Pro version, Coinbase announced via Twitter and Medium that the privacy coin is now available for trading on the regular Coinbase and the corresponding mobile apps on Android and iOS. All Coinbase customers can now log in to purchase, sell, send, receive and / or store ZEC.
However, cryptocurrency will not be available in some jurisdictions as explained by the exchange.
ZEC will be available to customers in most jurisdictions, but will initially not be available to residents in the United Kingdom or New York. Additional jurisdictions can be added at a later time.
Market reaction to listing
Rather than ZEC reporting earnings due to the news of its availability on regular Coinbase, it dropped from $ 71.26 to current levels of $ 68.91. This is a decrease in value of 3.2% less than one hour which indicates that the Coinbase effect could have the opposite result on ZEC.
Earlier this week, Ethereum World News had stressed that the Coinbase effect did not support the ZEC price at the expected levels when it was listed in the Pro version of the exchange. When ZEC was listed on 29 November, it rose 17% in value but failed to keep its earnings beyond 24 hours.
Two reasons could be why ZEC failed to experience a higher sustained value. First, investor fatigue was determined by the bear market evident with the bitcoin valued at $ 4,000. The second is that cryptographers are not as enthusiastic about ZEC as they are about other important cryptocurrencies like TRX or XRP.
Which digital asset is next between Cardano (ADA) and Stellar (XLM)
At the beginning of the week, we had also explored why Coinbase chose to list ZEC before XLM. There were also two reasons for this: the competition with the Gemini exchange by the Winklevoss twins and the demand for institutional investors.
This means that Coinbae has listed 3 of the 5 original digital resources in which he had expressed interest. They included ZRX, BAT, ZEC, XLM and ADA. Only Stellar and Cardano have yet to be listed.
We have also postulated the loose theory according to which Cardan (ADA) could be quoted on Coinbase before Stellar (XLM) due to two reasons. The first is that XLM is similar to XRP which has yet to be listed. The second is that ADA was more "decentralized" and transparent, thus increasing its probability of being listed.
What are your thoughts on the Coinbase effect that do not have the desired results on the value of ZEC? Let us know in the comments section below.
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.
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