- Zcash (ZEC) price fell more than 28% on Monday as crypto crashed.
- Bitcoin also snapped lower, sinking to around $75k, Solana to under $100, and Ethereum to $1,500.
- Analysts say the sell-off amid tariff jitters has left investors spooked.
Zcash (ZEC) is one of the biggest losers today as the cryptocurrency market sees yet another brutal day of losses.
This sharp drop coincided with significant declines in major cryptocurrencies, including Bitcoin (BTC) sinking to lows of $75k.
Elsewhere, Solana (SOL) dipped below $100, and Ethereum (ETH) fell to $1,500.
The synchronized sell-off has left investors reeling and sparked fears of new lows as liquidations wiped off billions in the derivatives market.
“BTC futures open interest sits at $34.5 B. While there was a brief recovery from the $33.8B low on April 3, the broader downtrend remains intact. Futures exposure continues to unwind as traders reduce risk in response to declining price momentum,” analysts at Glassnode wrote on X.
Zcash price plummets amid crypto bloodbath
The catalyst for the latest market turmoil is the escalating global trade tensions triggered by US President Donald Trump’s announcement of sweeping new tariffs.
These tariffs, set to take effect this week (unless delayed), have rattled financial markets, prompting a shift away from riskier assets like cryptocurrencies.
Crypto saw its total market capitalization drop by 8% to $2.4 trillion, with trading volume surging 302% to $168 billion. This reflects heightened panic and liquidation activity.
With the total liquidations surging to over $1.3 billion, the ZEC price plummeted to lows of $27.
The more than 28% dip sees the privacy-focused cryptocurrency’s native token risk further decline if the market sell-off extends amid tariff concerns.
One prominent financial market voice to weigh in on the market crash is Mohamed El-Erian, chief economic advisor at Allianz.
El-erian posted on X:
“It is still very early to draw conclusions for what’s ahead in markets from activity in futures. Having said that, the initial partial indicators are unsettling: US stock futures are down another 3-4%, 10-year yields are 10 bps lower, and oil is down another 3%. In other words, markets are continuing to price a significant US growth slowdown.”
ZEC price outlook
Zcash’s price action today paints a grim picture for the short term.
Although the Relative Strength Index (RSI) in oversold territory suggests a potential bounce, the altcoin remains under the grip of a downward correctional trend.
The Moving Average Convergence Divergence (MACD) indicator suggests largely bearish momentum.
In this case, the primary resistance level is $38, while bulls may rely on support around $25.
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Source: https://coinjournal.net/news/zcash-price-plummets-28-as-crypto-faces-massive-sell-off/