By CCN Markets: The privacy-focused cryptocurrency Zcash has fallen by practically 15 p.c this week as Bitcoin’s dominance approaches 70 p.c.
According to CoinMarketCap, Zcash was buying and selling at barely over $66 seven days in the past however is now just below $56, a decline of roughly 15 p.c that pressured its market cap under $400 million.
Among the main 30 altcoins by market cap, Zcash’s decline is just eclipsed by Maker, a token residing on the Ethereum blockchain.
Zcash’s double-digit decline comes amidst plans by Coinbase UK to delist the privateness coin. This is about ten months since Coinbase Pro first announced help for the coin.
Convert all of your Zcash by the 26th – or else
The cryptocurrency alternate reportedly requested its clients in the UK to transform their Zcash holdings into another crypto or transfer it to a different platform by August 26th. Users who fail to take the prescribed steps will see the Zcash forcibly transformed to sterling kilos after the deadline has elapsed.
The transfer will solely have an effect on customers of Coinbase UK. Other exchanges in the nation remained unaffected, although the delisting has understandably raised questions on Zcash’s regulatory standing.
Coinbase UK has but to clarify the transfer, prompting hypothesis that it’s a part of the cryptocurrency alternate’s efforts to entry Faster Payments Scheme (FPS), a UK funds system designed to scale back switch instances.
Delisting $ZEC was in all probability a pre-condition of Coinbase having access to the UK’s ‘quicker funds’ system again …
(i.e. it wasn’t a regulatory requirement, however a banking one)
— Alistair Milne (@alistairmilne) August 12, 2019
Why did Coinbase droop Faster Payments Scheme?
Late final month the cryptocurrency alternate introduced that it was temporarily suspending help for the FPS on the subject of deposits and withdrawals being made in the sterling pound.
At the time, Coinbase UK gave no indication that it was planning to delist any coin.
Speaking completely to CCN, Greenspan additionally forged doubt on Coinbase UK being pressured to delist Zcash with the intention to work with banks and different monetary establishments:
“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.”