Zcash (ZEC) drop 50% after Orchard bug and Arthur Hayes selloff
Zcash (ZEC) don crash almost 50% from im recent peak after Shielded Labs confirm say Orchard shielded pool get critical vulnerability. The matter make people fear say unlimited fake ZEC fit don create before dem fix am emergency, and e bring back supply-integrity wahala wey cause panic selling. ZEC touch intraday low $264.80 on June 5.
Arthur Hayes still add to the shock: the BitMEX co-founder talk for X say im don fully exit im ZEC position, say privacy "dem demand perfection."
Market structure dey mixed. On-chain data (Lookonchain) show one whale withdraw 37,316 ZEC (about $13.1M) from Binance soon after the selloff, wey suggest dip-buy interest. But derivatives suffer heavy: CoinGlass report ZEC liquidations around $82M, show say strong leverage unwind happen.
After small rebound to ~380, Zcash still technically bearish. Key levels be ~356 support, then resistance near ~420, ~471, and ~523. If ZEC no fit hold above ~356, traders fit see renewed weakness toward the $300 zone and maybe the ~253 low, keeping Orchard-related risk prominent.
Bearish
Dis event na primari bearish for Zcash short-term because di confirmed Orchard vulnerability don bring back supply-integrity uncertainty, we fit make risk premiums stay high even if dem patch di bug. Di derivatives damage (big ZEC liquidations and leverage unwind) also dey normally make near-term price discovery worse.
But di selloff no pure one-way: after di drop one whale withdraw from Binance show say some participants dey accumulate, and ZEC don already bounce toward about $380. Still, di later technical picture remain mixed-to-weak (MACD below zero, and key Fibonacci levels like about $356 must hold). If ZEC break below about $356, di chart fit quickly reopen downside toward about $300 and ~$253, making bearish continuation di more likely base case.