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ZCash (ZEC), a privacy based coin just recorded its all-time low price against both the dollar and Bitcoin, as the December hard fork approaches. Notwithstanding, the recent stringent regulations on exchanges from the Financial Authority Task Force (FATF) during the G20 summit in Japan restricting exchanges from providing trading services to privacy based coins is a fundamental cause for the downfall of ZEC.

ZCash Drops to All-Time Lows

A coin that once traded at $3,191 USD at its offering – albeit the number of tokens being limited – is currently at its lowest point, trading at merely $25.33 USD as at time of writing. ZCash, ticker symbol ZEC, has dropped over 99% since hitting its all-time high in October 2016.

The coin currently ranks 32nd on Coinmarketcap.com with a total market capitalization of $207,702,861 USD, representing a 31.7% decrease since January 1st as the coin breaks into lower support levels.

zcash
Year to date chart ZEC (Coinmarketcap)

Since hitting a yearly high of $114 on Jun 30, the price has dwindled down as the Financial Action Task Force (FAFT) regulations took effect on crypto exchanges across the globe.

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Exchanges delisting ZEC affecting price?

A number of exchanges, especially Asia-based crypto exchanges, delisted multiple privacy coins off their platforms affecting the overall liquidity of these coins causing downward pressure on their price and ZCash has been the worst hit.

Despite Zooko, the coin’s founder, saying the coin is compliant with FATF rules, Coinbase locked out U.K customers from buying and selling on the platform in September leading to an accelerated fall in the price.

This 96% drop in price since January has been gradual but painful to ZEC holders through the last 6 months and even with the community headed to a ‘peaceful hardfork’ at the start of December, all does not look well for ZEC.

Will ZCash’s price bounce back or is the coin doomed forever? Share your views with us in the comments below!

Summary

This privacy coin just hit its all-time low losing over 96% in 2019

Article Name

This privacy coin just hit its all-time low losing over 96% in 2019

Description

ZCash (ZEC), a privacy based coin just recorded its all-time low price against both the dollar and Bitcoin, as the December hard fork approaches.

Author

Lujan Odera

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Coingape

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cryptocoach

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Lujan Odera , 2019-11-25 13:13:14 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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