ZEC (Zcash) fell 8.16% in 24 hours.

Gate News Bot news, on November 28, according to CoinMarketCap data, as of the time of writing, ZEC (Zcash) is currently priced at $486.95, having fallen 8.16% in the last 24 hours, with a high of $696.21 and a low of $471.55. The 24-hour volume has reached $843 million. The current market capitalization is approximately $7.991 billion, a decrease of about $710 million compared to yesterday. ZEC is currently ranked 16th in the crypto assets market capitalization.

Important recent news about ZEC:

1️⃣ The SEC will hold a roundtable discussion on encryption currency privacy issues The U.S. Securities and Exchange Commission plans to hold a roundtable discussion on December 15, focusing on privacy and financial regulatory issues in the Crypto Assets industry. The meeting will address concerns raised by privacy tools such as crypto mixers and privacy tokens. While no specific policy proposals will be made, it will provide a platform for open dialogue on key challenges facing the industry. This move has sparked market concerns about the regulatory outlook for privacy coins, becoming one of the main reasons for the significant correction in ZEC prices.

2️⃣ Large investors adjust strategies, short-term market under pressure The largest ZEC long position holder has initiated a reduction in holdings, decreasing from 60,000 coins to 55,000 coins. The unrealized profit of this account has shrunk from a peak of 12 million USD to 5.15 million USD, indicating that some large investors are starting to take profits. In addition, a large ZEC long investor has faced a full liquidation, involving four wallets, with total losses exceeding 10.4 million USD. These adjustments by large funds are putting short-term pressure on the ZEC price.

3️⃣ Institutional investors continue to invest, optimistic about the long-term development of ZEC Nasdaq-listed company Reliance Global Group has converted its entire digital asset portfolio into Zcash. The company stated that this move was made after a thorough assessment, believing that Zcash's privacy architecture and institutional flexibility align better with the company's long-term goals. Another listed company, Cypherpunk Technologies Inc., has also invested an additional $18 million to purchase 29,869.29 ZEC at an average purchase price of $602.63. The continued investment from institutional investors provides long-term support for ZEC.

From a technical perspective, the ZEC price has encountered resistance around the $700 mark and may face further adjustment pressure in the short term. However, fundamentally, Zcash's position in the privacy coin sector remains solid, and the continued positioning by institutional investors reflects confidence in its long-term development. Investors should closely monitor the outcomes of the SEC roundtable discussions, the movements of large holding addresses, and the developments within the Zcash network.

This message is not an investment advice; investors should be aware of market volatility risks.