Zcash Falls Below $1,000 Amid Privacy Coin Sell-Off
Zcash dropped nearly 15% as privacy coins experienced a broader market sell-off, following a $1 million ecosystem funding pledge from Grayscale.
Zcash ($ZEC) fell below $1,000 for the first time since September amid a broader market sell-off affecting privacy coins, according to Cointelegraph. The downturn follows a recent financial commitment to the network.
Market Context
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The price decrease represents a nearly 15% decline for the asset, occurring just a day after Grayscale pledged $1 million to support various Zcash ecosystem initiatives. The wider privacy coin sector experienced downward pressure during the session.
Key facts
- Zcash fell below $1,000 for the first time since September.
- The token dropped nearly 15% amid a broader privacy coin sell-off.
- Grayscale pledged $1 million to ecosystem initiatives a day prior to the drop.
Source: cointelegraph.com
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