Zcash Correction Raises Concerns About Regulatory Scrutiny

Zcash has been on a tear this year, gaining 1,077% in value over the past 12 months and 209% in the last 90 days.

The cryptocurrency's price surged to $1,600 in late September but dropped by about 17% from that high to around $1,329 on October 1.

This dip is a relatively small correction after such a significant increase. Despite the decline, Zcash remains up 71% over the month and its market value sits at approximately $24.5 billion as of September 30.

The price drop coincided with news that hackers linked to the Bitget exchange heist began moving stolen ZEC into Zcash's privacy shielded pool. This move raised concerns about the cryptocurrency's association with illicit activities and potential regulatory scrutiny.