Zcash Crashes Below $1,000 Despite Grayscale’s $1M Pledge
Summary
Zcash fell about 13.5% on Wednesday to around $963, its lowest level in two months and below $1,000, amid a broader crypto sell-off. Higher-than-expected U.S. inflation data weighed on risk assets, while outflows from Grayscale’s Zcash ETF added pressure. The decline came despite Grayscale pledging $1 million to support Zcash-related nonprofits and projects, including an initial $400,000 in grants. Days earlier, Zcash activated its NU7 upgrade, shortening target block times from 75 to 25 seconds and making about 12,224 ZEC in the Sprout pool unspendable under the new rules. The article attributes the price drop mainly to macroeconomic concerns and market-wide weakness.
