Fortitude's rapid Zcash hashrate growth could centralize mining power, impacting network decentralization and competitive dynamics. Fortitude surpasses 5 GSol/s of Zcash hashrate as expansion plans grow.
ZEC extends its bearish run as increasing long liquidation, flattening funding rate and fading spot inflows hints a continuation trend.
ZEC traded below $1,100 with a market value near $18.3 billion, while its relative strength index stood at 30.
Zcash fell 11.9% over 24 hours, with CoinMarketCap showing ZEC near $1,088 after a rally that lifted it roughly 460% from March lows. About $17.9 million in ZEC long positions were liquidated, supporting the view that leverage amplified the reversal without proving it was the cause.
Zcash drops nearly 13% as leveraged liquidations approach $20M. CoinShares analyst Luke Nolan flags market risks while ZEC tests $1,000 support.
Experts blame a build up in leverage for Zcash's drop in value, as well as growing concerns about AI breaking crypto encryption.
Ether led five-hour crypto outflows with $218.83 million, followed by Bitcoin at $100.04 million. Zcash topped token inflows with $15.05 million.
"The next leg of this bull market is coming. We're ready," one X user stated.
Zcash loses around 13 percent within 24 hours to $1,089.72 and slips below the $1,100 mark. No other of the 25 largest cryptoassets gives up more on the day, while Monero loses just 2.3 percent.
ZEC was $1,113.63 at 12:42 a.m. ET on Oct. 15; two measures of Oct. 14 activity for The Zcash ETF showed different totals.
Liquidations across Binance, Bybit and OKX totaled $2.22 million for long positions and $40,000 for short positions during the same hour.
Pyth Network spikes 9.31% to lead gainers, while Zcash slides 10.53% as the biggest loser.