Market Fear at 3-Month Peak as Zcash Emerges From the Shadows: Crypto Daybook Americas
Crypto market fear hit a three-month high following Bitcoin's price reversal, yet Zcash (ZEC) surged 461% in a month due to constrained supply.Summary
Crypto market sentiment is unsettled as Bitcoin quickly reversed an early spike, liquidating $600 million in futures bets, indicating heightened volatility reflected in elevated implied volatility indices and a Crypto Fear & Greed index drop to 25, suggesting a potential entry point or further sell-off.
In contrast to the general market nervousness, Zcash (ZEC) has seen a staggering 461% rise over the past month, hitting record highs. This rally is attributed to increased sentiment around shielded tokens, which now constitute 27.5% of the total supply held in non-custodial wallets, thus constricting sellable supply.
Other market news includes Japan's new Prime Minister preparing a large economic stimulus package, FalconX acquiring 21Shares to focus on derivatives, and institutional investors showing a preference for ETH over BTC in futures open interest.
(Source：CoinDesk)