Privacy-focused cryptocurrency Zcash has fallen 11% over the past 24 hours to a market capitalization of $18.5 billion, marking one of the biggest daily losses. Luke Nolan, senior researcher at CoinShares, attributes this drop to a buildup in leverage after the token’s meteoric rise in recent months. Over the same period, $17.9 million worth of Zcash long positions were liquidated according to CoinGlass data. Despite this correction, Zcash remains up 460% from its March lows. Growing concerns that AI could break crypto encryption before quantum computers have also contributed to the privacy token’s losses.
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