Crypto Market Correction Hits Zcash and Altcoins Amid Geopolitical Tensions
Zcash is experiencing a significant decline in price, down roughly 20% over nearly two weeks. The drop can be attributed to losing adoption and retail demand, with shielded ZEC supply at a 10-month low.
This decline has resulted in a mildly bearish technical outlook for ZEC as bullish momentum declines. Meanwhile, Bitcoin is trading slightly lower but holding firmly above a key support zone, currently around $64,300. The resilience of BTC can be attributed to US-listed spot Bitcoin Exchange Traded Funds (ETFs), which have continued to attract institutional flows through Thursday.
The overall cryptocurrency market is correcting, with investors assessing macro uncertainty and geopolitical tensions in the Middle East. Despite renewed ETF inflows, altcoins such as Ethereum and Ripple are trading under increasing selling pressure.