ZEC Tumbles 19 Percent After Dev Team Resigns

The crypto market saw a red day as Bitcoin fell below the $90,000 level, settling at $89,900. Other major assets followed suit, with Ethereum down 3 percent to $3,100 and Solana sliding 3 percent to $134. XRP took a heavier hit, dropping 7 percent to $2.08 as selling pressure moved across the sector.

ZCash took center stage for the wrong reasons, as ZEC dropped 19 percent after the lead developer team resigned following a disagreement with the board. While the team plans to launch a new company to continue their work, the immediate shock sent prices spiraling downward. On the bright side, smaller tokens like LIT, WLFI, and XMR managed to buck the trend with modest gains.

Big financial news is also brewing in the background. JPMorgan plans to bring its JPM Coin to the Canton Network, and Barclays has backed UBYX to help regulated firms move digital money. Meanwhile, Wyoming has launched a state issued stablecoin, and the Senate Banking Committee is preparing for a high stakes vote on crypto market structure next week.

Traders are now watching to see if Bitcoin can reclaim its lost ground. Investors should also monitor how the ZCash leadership transition plays out, as the project attempts to stabilize after its recent internal turbulence.