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Zcash price (ZEC/USD) sees big losses despite Coinbase listing

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The largest US cryptocurrency exchange, Coinbase, has added support for the privacy-focused digital coin Zcash (ZEC) across its retail platform and mobile apps.

“Starting today, Coinbase supports Zcash (ZEC) at Coinbase.com and in the Coinbase Android and iOS apps,” Coinbase wrote in a blog post on Wednesday. The company added that users could buy, sell, send, receive, or store the digital currency. It also said that Zcash would not be initially available for residents of the UK or the US state on New York.

Touching on Zcash privacy-focused nature, the company explained that users would be able to send ZEC coins to Coinbase from both “shielded” and “transparent” addresses. However, initially, they would only be able to send off Coinbase to transparent addresses. Coinbase said that in the future it would be looking to add support for sending ZEC “to shielded addresses in locations where it complies with local laws”.

Despite the news, the Zcash price saw a big drop during the final hours of yesterday’s trading. The coin finished the session at $66.42, well below its opening level of $74.70. This was Zcash’s lowest close since November 26, according to data from digital currency tracker Coinmarketcap.

Zcash attempted to recoup its losses in today’s morning session, but its rally hit a wall after the coin topped the $68 mark. The coin reached an intraday high of $68.54, but that marked the start of a gradual decline that has dominated the Zcash price in the afternoon part of the session.

In today’s trading, the Zcash price stood at $63.82, as of 14:34 GMT. The digital coin has lost 11.4% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at just over $344 million, which makes it the 19th largest digital currency.

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