Zcash Surges on New ETP Launch, But Market Sentiment Turns Bearish

Zcash has reached new highs after the launch of its first European ETP by asset manager 21shares.

The introduction of this product and a scheduled share split for Grayscale's Zcash ETF (ZCSH) have boosted investor interest in the cryptocurrency.

However, market sentiment turned bearish following US Flash PMIs showing stronger growth than expected, which led to higher Treasury yields and put pressure on risk assets like cryptocurrencies.

The potential for a re-escalation of the US-Iran conflict could further weigh on oil prices and negatively impact Zcash's performance.