Zcash price drops below $1,000 despite Grayscale’s $1M pledge

Zcash price has fallen below $1,000 on November 12, extending its recent losses as withdrawals from Grayscale's Zcash exchange-traded fund and pressure on leveraged traders weigh on the privacy-focused cryptocurrency. Zcash price fell below $1,000 as the privacy coin continued its recent market decline today. Grayscale's Zcash ETF recorded reported November outflows despite its new $1 million ecosystem funding commitment. ZEC derivatives liquidations reached approximately $18 million, with leveraged long positions accounting for most losses. Analysts identified potential downside targets as Zcash struggled to recover its previous short-term support levels. Technical indicators place immediate ZEC support near $960, followed by $900 if selling pressure persists. According to crypto.news market data, ZEC traded near $979, down approximately 3.7% over 24 hours and more than 25% over the past week.

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