Zcash drops 8% as Grayscale spot ETF debuts on NYSE after 60% rally

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Zcash, a privacy-focused cryptocurrency, fell approximately 8% on Tuesday after its Grayscale spot ETF began trading on the New York Stock Exchange. The ETF launch had been a key driver behind Zcash's surge to an eight-year price high. Traders appear to be engaging in classic 'sell the news' behavior following the highly anticipated event. The pullback is compounded by significant leverage that had built up during the rally leading to the listing.

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