Yahoo Finance
Zcash (ZEC) is recovering from its brutal June selloff, putting BitMEX co-founder Arthur Hayes' earlier$1,000 price targetback in focus, even though Hayes himself exited the token after the crash.
18, ZEC was trading near$511, up about 5% on the day and holding above its major moving averages.
Buyers have repeatedly defended the$490–$500 areasince late July.
The ZEC/USD pair plunged more than50% on June 5, falling from around$630 to near $310after developers disclosed a critical vulnerability in Zcash's Orchard shielded pool.
It briefly traded as low as $250 during the panic before partially recovering from the decline.
The flaw could theoretically have allowed an attacker to create anunlimited amount of counterfeit ZECinside the Orchard pool without detection, according toShielded Labs.
An emergency fix was deployed onJune 1, with the coordinated remediation completed byJune 2.
That helpedZEC recover sharply, with its prices now up by over 100% from the June nadir.
Hayes followed onJune 5by announcing that hehad soldhisentire ZEC position.
He acknowledged that improper minting was probably unlikely, but argued that the inability to prove it had never happened undermined the privacy thesis behind his investment.
The Zcash market has absorbed much of the panic surrounding the Orchard disclosure and Arthur Hayes' ZEC dump.
Zcash's weekly chart is also showing a strong bullish structure.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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