T E R E S S A

l$ZEC faced fresh pressure after its core development team resigned from the Electric Coin Company (ECC) following an internal governance dispute. ECC CEO Josh Swihart confirmed that the departures stemmed from disagreements with the project’s Bootstrap board, stating that recent governance changes significantly altered employment terms and conflicted with the company’s founding vision.
According to Swihart, the resignations were effectively a “constructive discharge,” with developers choosing to leave and form a new entity aligned with the original mission of Zcash. Despite the leadership shift, he emphasized that the Zcash protocol itself remains unchanged and fully operational. As an open-source network, Zcash continues to rely on miners, validators, and contributors rather than any single organization.
Market reaction to the news was swift. ZEC dropped more than 8% within 24 hours, falling from around $490 to approximately $454.9. Trading volume, however, rose by 12% to nearly $780 million, reflecting heightened activity amid uncertainty.
Despite near-term volatility, sentiment around privacy-focused assets remains mixed rather than entirely negative. Grayscale’s late-2025 Q4 report highlighted Zcash as a strong performer among privacy-centric altcoins, citing sustained demand for blockchain solutions that prioritize user privacy.

President Donald Trump has claimed that U.S. financial markets have reached new all-time highs during his second term, pointing to strong performance in major stock indices such as the S&P 500. The statement reflects continued optimism around traditional markets, supported by resilient corporate earnings and improving investor sentiment.
Recent market strength has been fueled by a combination of factors, including tax cut legislation, easing inflation concerns, and interest rate cuts by the Federal Reserve in September and October. Analysts note that these developments have helped investors move past earlier worries related to tariffs and economic slowdown, reinforcing confidence in equities.
Despite the upbeat tone in traditional finance, the cryptocurrency market has shown little reaction to the announcement. Bitcoin and other major digital assets remained largely stable, with no clear correlation to the latest stock market milestones. Market observers highlight that crypto continues to trade on its own structural and macro drivers.
While Trump’s remarks echo similar periods of market highs during his first term, the divergence between equities and digital assets remains evident, underscoring the growing independence of crypto from traditional market narratives.
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Morgan Stanley has taken a significant step toward deeper involvement in digital assets by filing a registration statement for an $ETH Trust with the U.S. Securities and Exchange Commission.
The filing comes just one day after similar submissions for Bitcoin and Solana products, marking an unusually aggressive expansion into crypto offerings by a major U.S. bank.
The proposed Ethereum Trust would hold ETH directly and stake a portion of its assets through third-party providers.
This approach mirrors the bank’s Solana Trust structure, while its Bitcoin product remains a passive holding vehicle. Together, the filings signal a shift toward building proprietary crypto products rather than relying on external issuers.
This move matters because it reflects growing confidence among traditional financial institutions in the long-term viability of crypto markets. With spot Bitcoin ETFs already holding a meaningful share of BTC’s market value, banks are increasingly motivated by revenue potential and product differentiation.
While regulatory approval remains uncertain, Morgan Stanley’s filings may pressure rival banks to accelerate their own crypto strategies, potentially reshaping how institutional investors access digital assets.