Zcash drops below one thousand dollars despite Grayscale funding commitment
Image: Crypto.newsZEC fell below $1,000 as selling pressure and fund withdrawals weighed on the privacy cryptocurrency. The decline occurred despite Grayscale committing $1 million to support the Zcash ecosystem. Grayscale has already distributed $400,000 among four organizations. Leveraged liquidations also contributed to the market pressure on ZEC.
Key points
- Zcash fell below $1,000 as sellers overwhelmed the market and pushed the privacy coin down.
- Grayscale committed $1 million to support Zcash ecosystem development and privacy research.
- Grayscale distributed $400,000 equally among the Zcash Foundation, Shielded Labs, Project Tachyon and Pretty Good Policy for Zcash.
- Leveraged liquidations added further downward pressure on the cryptocurrency during the sell-off.
Why it matters
Exchange-traded fund outflows and leveraged liquidations can drive significant price declines for privacy coins even when issuers introduce new ecosystem funding and marketing campaigns.
Price context · ZEC
At publication
$970.23
Now
$954.77
Change since
−1.59%
7 days · dashed line = publication
Sources · 2 publishers
Cryptonews.com
Tier 2
Zcash Price Fate: ZEC Crypto to Bounce or Fall Further From Critical $1,000 Support?
Coverage timeline
- First reported by Crypto.news
- Also reported by Cryptonews.com
- CryptoVideos brief published
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