Zcash Slides Below $1,000 for First Time Since September

Zcash fell below $1,000 on Wednesday, November 11, for the first time since September, Cointelegraph reported. ZEC touched a two-month low of $962.85 and was down about 13.5% over 24 hours and 24.5% over seven days at 12:20 UTC, after trading above $1,370 on November 6. Cointelegraph said the combined market value of privacy coins fell about 7% over 24 hours. The article gave no specific Monero price change.

The Block reported on November 10 that ZEC fell roughly 13% that day to $1,025. Grayscale’s Zcash Trust ETF (ZCSH) dropped about 12% to $27.25, the outlet said. The fund has had more than $15 million of net outflows in November, excluding Tuesday, after $46.25 million in October, The Block reported.

The Block said Grayscale launched a Zcash advertising campaign that day, including a Wall Street Journal front-page wrap, and expanded its grants to Zcash initiatives to $1 million, having already awarded $400,000. Grayscale will reinvest all ZCSH sponsor fees into the network for up to the fund’s first year as an ETF. The Block did not attribute the price drop to a specific cause and noted only that the campaign coincided with it.

Cointelegraph pointed to a broader crypto sell-off, hotter-than-expected U.S. inflation and ETF outflows as the backdrop. October consumer prices rose 0.4% against a 0.3% forecast, it said, and over seven days bitcoin fell 5.8% and ether 11.6%, per CoinGecko.

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Sources:

• Cointelegraph: Zcash Falls Below $1,000 for First Time Since September

• The Block: Grayscale pledges $1 million alongside Zcash ad blitz as token and ETF fall 12%