Zcash just lost $1,000 and it happened the day after Grayscale threw $1 million at the ecosystem.
ZEC is down about 25% in a week and hit $963 yesterday, its lowest since September. It was above $1,370 on Friday when the NU7 upgrade went live. Now the chart is sitting near oversold and traders are watching $900 next.
The weird part is the timing. Grayscale launched a national ad campaign and pledged $1 million to Zcash projects on Tuesday, and the price still fell 13% the next day. The ZCSH ETF has seen around $30 million in outflows this month too.
Privacy coins had a huge run this year and ZEC is still up a lot from January, but this week is a reminder how fast these moves reverse.
Would you buy a privacy coin this beaten up, or wait until it proves $1,000 is support again? $ZEC #ZcashFallsBelow$1000ForFirstTimeSinceSeptember
ZEC is down about 25% in a week and hit $963 yesterday, its lowest since September. It was above $1,370 on Friday when the NU7 upgrade went live. Now the chart is sitting near oversold and traders are watching $900 next.
The weird part is the timing. Grayscale launched a national ad campaign and pledged $1 million to Zcash projects on Tuesday, and the price still fell 13% the next day. The ZCSH ETF has seen around $30 million in outflows this month too.
Privacy coins had a huge run this year and ZEC is still up a lot from January, but this week is a reminder how fast these moves reverse.
Would you buy a privacy coin this beaten up, or wait until it proves $1,000 is support again? $ZEC #ZcashFallsBelow$1000ForFirstTimeSinceSeptember
