ZCash and Ethereum pumped appropriately after big announcements yesterday. ZCash benefited from the news that they would be listed on Gemini; an exclusive club in its own right. The ‘pump’ for ZCash produced a 45% spike in its price and rejoicing throughout the ZCash ecosystem.
In the same way, Ethereum saw a nice bump higher as we reported the news that the CME would begin producing Ethereum futures and trade them ‘imminently’. The crypto community was abuzz and the price of $ETH moved right along with the news.
Per ZCash: On May 14, privacy-focused cryptocurrency Zcash experienced a 55 percent increase in price after being listed on Gemini, one of the largest cryptocurrency exchanges in the US led by the Winklevoss twins. Subsequent to the official announcement of Gemini, the price of Zcash increased from 0.0293 to 0.0456 BTC, by nearly two-fold.
Gemini CEO Cameron Winklevoss told Bloomberg in an interview said that privacy-focused cryptocurrencies like Zcash have struggled to gain large market valuations in the past due to concerns from investors towards potential crackdown by authorities, as seen in the Japanese cryptocurrency market as of recent.
“Part of the reason a coin like Zcash has a smaller market cap is that people are not sure if regulators will ever get comfortable with this type of technology. Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology,” said Winklevoss.
Per Ethereum: The news that the CME would begin crafting and managing ETH futures was a boost to the overall market cap of cryptocurrencies and pushed the collective number above $400B.
The overall reaction to the news was mixed, though, as some connected the inclusion of ETH futures to the downdraft in price and volatility connected to BTC at the outset of 2018. Comparing the ability of fiat banks to now short the cryptocurrency in the same way that many believe BTC futures have constrained its performance.
Still, the price action proved to move the overall market higher. The crypto community remains engaged in ‘Blockchain Week’ at Consensus 2018. More stories to come as developments are announced.