Zcash falls below $1,000 for first time since September
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Zcash ( ZEC ) fell to a two-month low of $962.85 on Wednesday, a day after Grayscale pledged $1 million to nonprofits and projects supporting the Zcash network.
As of 12:20 pm UTC Wednesday, Zcash’s 13.5% drop led 24-hour losses among the 100 largest cryptocurrencies by market capitalization and was down 24.5% over seven days. The decline was part of a broader crypto sell-off that left Bitcoin (BTC) down 5.8% and Ether (ETH) down 11.6% over the same period, according to CoinGecko .
Zcash lets users send shielded payments that keep sender and recipient addresses and transaction amounts out of public view.
Grayscale converted its Zcash Trust into a US spot exchange-traded fund (ETF) that began trading on NYSE Arca on Aug. 25 . The fund recorded about $15 million in net outflows in November through Monday, following about $46 million in October, according to SoSoValue .
Related: Zcash devs propose another block time cut days after NU7 upgrade
