Zcash falls behind in crypto race, worrying investors
In a market as vibrant as that of crypto, everyone is looking for something new to earn money. In this context, Grayscale Investments launched its new product. Grayscale Investments added an additional digital coin in its range of services and offerings in the fall. The newest addition is the anonymity-focused digital currency Zcash. The firm is now disclosing its investing strategy to the general public. Matthew Beck, a Grayscale researcher, utilizes financial modeling to estimate that one Zcash coin might be valued at over $60,000 in 2025. It is currently valued at less than $400. However, as we enter another week of cryptocurrency volatility, things do not appear to be looking up.
Zcash, a security-focused digital coin, has dropped nearly 15% in the running week as Bitcoin’s market share reaches 70%. According to sources, Zcash was going at just more than $66 a week prior. However, at present, it is going at just under $56, a drop of almost 15% that has pushed its market valuation under $400 million. Clients in the United Kingdom were reportedly advised to transfer their Zcash assets into either some other digital coin or shift them to a different platform altogether by August 26th. If users do not follow the instructions, their Zcash will be forcibly changed to sterling pounds once the window has closed. The change will only affect Coinbase UK customers. There won’t be any implication for other exchanges, but naturally, questions are being raised and investors are getting anxious. There have not yet been official statements from Coinbase UK on the latest developments.