Zcash Price Falls Below $470 After Ironwood Upgrade Fails to Stimulate Demand

Zcash's price fell below $470 after the network activated its Ironwood upgrade on July 28, trading near $461 at the time of writing. The upgrade aimed to close a supply-verification gap and introduce a new shielded pool, but it seems to have had little effect on the market.

Developers found a flaw in Zcash's Orchard pool, which allowed counterfeit tokens to be created undetected. Ironwood introduced a new shielded pool and version 6 transactions, but this has not generated enough demand to interrupt the decline in ZEC price.

The flow data from Coinglass shows net negative spot flows across all windows, with $10.2 million flowing out of the market over the past 12 hours. This suggests that traders are selling Zcash, and the price is unlikely to rebound without a significant increase in demand.