Grayscale bought the front page of the Wall Street Journal for Zcash.
ZEC dropped below $1,000 anyway
Last weekend I posted about $ZEC
giving back its NU7 upgrade pump, sitting near $1,270. It's had a rough week since.
On Nov 10, Grayscale launched a big Zcash campaign called "Zcash: The Next Era of Crypto." It wrapped the front page of the WSJ in zebra stripes, pledged $1M to Zcash projects, and launched an education site for investors.
Meanwhile, ZEC fell below $1,000 for the first time since September. It hit about $963 on Wednesday, down around 13% in 24 hours and roughly 24% on the week.
What's going on in the background: Privacy coins as a group fell about 7% in a day. US inflation came in hotter than expected (0.4% vs 0.3% forecast), which hit the whole market. The Zcash ETF has seen about $15M in outflows so far in November, after around $46M in October.
To be fair, nobody is saying the ad caused the drop. But it's a good reminder that marketing doesn't move markets when the macro picture turns.
Also worth remembering: ZEC is still up a lot this year. Big drops after big runs aren't unusual.
Would a front-page WSJ ad make you more interested in a coin, or less?
$ZEC $BTC
#Zcash #Grayscale #CryptoNews #Write2Earn
ZEC dropped below $1,000 anyway
Last weekend I posted about $ZEC
giving back its NU7 upgrade pump, sitting near $1,270. It's had a rough week since.
On Nov 10, Grayscale launched a big Zcash campaign called "Zcash: The Next Era of Crypto." It wrapped the front page of the WSJ in zebra stripes, pledged $1M to Zcash projects, and launched an education site for investors.
Meanwhile, ZEC fell below $1,000 for the first time since September. It hit about $963 on Wednesday, down around 13% in 24 hours and roughly 24% on the week.
What's going on in the background: Privacy coins as a group fell about 7% in a day. US inflation came in hotter than expected (0.4% vs 0.3% forecast), which hit the whole market. The Zcash ETF has seen about $15M in outflows so far in November, after around $46M in October.
To be fair, nobody is saying the ad caused the drop. But it's a good reminder that marketing doesn't move markets when the macro picture turns.
Also worth remembering: ZEC is still up a lot this year. Big drops after big runs aren't unusual.
Would a front-page WSJ ad make you more interested in a coin, or less?
$ZEC $BTC
#Zcash #Grayscale #CryptoNews #Write2Earn