Zcash Rallies After Latest Relisting Announcement From Major Exchange
Zcash, the privacy-focused cryptocurrency, surged greater than 12% to commerce close to $600 on Sunday after OKX introduced it might relist the token.
The rally makes ZEC the top-performing asset amongst main cryptocurrencies within the final 24 hours, considerably outpacing Bitcoin, which has struggled to reclaim the $90,000 degree.
Wall Street Divided on Zcash Impact on Bitcoin
On November 23, OKX introduced that spot buying and selling for the ZEC/USDT pair would resume at 12:00 UTC tomorrow.
While the change failed to supply extra causes for its resolution, the transfer marks a big regulatory U-turn for the venue. It had beforehand delisted the asset in 2023, citing compliance dangers.
Nonetheless, the choice will be linked to 2 important elements, together with ZEC’s strong outperformance of Bitcoin in latest months.
It additionally displays a post-election regulatory thaw, because the new SEC leadership is emboldening platforms to re-integrate privateness protocols that have been as soon as thought-about radioactive.
Meanwhile, the resurgence of Zcash has ignited a philosophical conflict on Wall Street relating to the way forward for digital privateness.
Eric Balchunas, Senior ETF Analyst at Bloomberg, cautioned that the sudden pivot to privacy coins might fragment the broader crypto narrative. He famous that this shift comes at a time when Bitcoin is making an attempt to consolidate institutional help.
He argued that pushing a separate privateness layer dangers “splitting the vote” of capital allocation when Bitcoin wants unified political and cultural backing to cement its standing as a world reserve asset.
“Zcash has third-party candidate vibes, like Gary Johnson or Jill Stein. Seems such as you’d higher off folding of their concepts to the primary get together vs splitting the vote, which might have main penalties, particularly in such a vital time for BTC,” he mentioned.
However, asset managers recommend that fundamental flaws in Bitcoin are driving the rotation.
Jan van Eck, CEO of worldwide funding supervisor VanEck, pushed again towards the “spoiler” characterization. He famous that veteran traders are treating Zcash as a obligatory complement to Bitcoin relatively than a competitor.
According to Van Eck, the present bear market in Bitcoin displays “the on-chain actuality” of surveillance dangers. He argued that rising demand for confidentiality is driving capital towards Zcash’s encrypted ledger.
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