Zcash Crashes as Winklevoss-Backed Firm Halts Buying Amid Privacy Coin Boom Predictions

Zcash has suffered a significant decline in value since its peak in November at $744. The token now trades around $235, representing a drop of approximately 68%.

Cypherpunk Technologies, a Winklevoss-backed firm that adopted a Zcash treasury strategy, has halted its buying activities. It holds about 1.76% of circulating supply at an average cost of $334 per token, putting the position around $26 million underwater.

Digital Currency Group founder Barry Silbert predicts that 5-10% of Bitcoin's market capitalization will flow into privacy coins like Zcash over the coming years. He calls this a potential 'asymmetric bet' with returns of up to 1,000x.