ZEC Plunges 19.74% as Privacy Coin Sector Faces Selling Pressure and Liquidity Shifts

Zcash (ZECUSDT) experienced a sharp 19.74% price decrease in the last 24 hours, as reported by Binance, closing at $214.24 after opening at $266.92. The downturn is primarily attributed to heightened bearish sentiment across the privacy coin sector, technical breakdowns observed in Zcash’s price charts, and increased selling pressure evidenced by the widening Bollinger Bands and deep oversold RSI levels. Additional factors include notable ZEC withdrawals from Binance, which reduced exchange liquidity, and a broader market decline affecting privacy coins such as Monero and Zcash. Despite the recent SEC investigation closure with no enforcement action, market participants remain focused on prevailing negative technical patterns. Zcash’s 24-hour trading volume surged to $547.25 million on Binance, with a circulating supply of approximately 16.52 million ZEC and a market capitalization of $3.71 billion, reflecting active trading and significant volatility in recent sessions.