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Zcash price to dip below $100 despite Edward Snowden’s role in the privacy coin

  • US defense contractor Edward Snowden played a key role in the development of privacy coin Zcash. 
  • Snowden worked on the development of Zcash and recently agreed to make his participation public knowledge. 
  • Zcash price has failed to recover from the recent pullback despite the news. 

A former US defense contractor leaked details of the role he played in the development of the privacy coin. Zcash price failed to recover from its decline, despite the announcement. 

Zcash price is at risk of plummeting below $100

Edward Snowden, a former US defense contractor, recently agreed to contribute to making his participation in the development of Zcash public knowledge. Snowden played a key role in the privacy coin project, and the whistleblower was granted asylum in Russia in 2013. 

Snowden was charged with espionage after he leaked information about how the National Security Agency (NSA) ran numerous global surveillance programmes which brought to a head questions of national and private privacy. 

Later it emerged Snowdon was working for an unnamed Russian IT company and was one of the six participants who took part in an event that established Zcash as a trusted setup. Following that announcement, however, Snowden remained away from the public eye for the next six years. 

In 2016, Snowden was involved in a video released by Zcash media, a platform that produces educational materials. Snowden said, 

I saw it being worked on by a number of trusted academic cryptographers and I thought it was a very interesting project. As long as it is clear that I was never paid and had no stake, it was just a public interest thing, I think you can tell people.

Proponents believed the announcement of Snowden’s involvement in the project would fuel a rally in the privacy coin’s price. Even though Snowden’s role in creating Zcash could be seen as a bullish sign by many, the privacy coin continues to consolidate.

Leading on-chain analyst Ali Martinez notes,

ZEC appears to have formed a descending triangle on its weekly chart. The rejection seen in late March from the pattern’s hypotenuse suggests that Zcash price could dive further in search for support. A downswing to the triangle’s x-axis at $93 seems reasonable given the token’s price history.

Zcash faces stiff competition from Monero; the number of transactions in XMR in March 2022 stood at 6.94 million against 4,237 on ZEC

Transactions in privacy coins in March 2022

Transactions in privacy coins in March 2022

@Alsteinn, a pseudonymous crypto analyst, has evaluated the Zcash price trend and identified critical areas of interest. The analyst is bearish on the privacy coin and believes traders should proceed with caution if they observe a drop in ZEC price in the selected areas. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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