Bitcoin breaks key averages; Zcash falls despite Grayscale ad blitz
Bitcoin closed below its 50-week moving average and lost its yearly VWAP and 200DMA, with sentiment deeply bearish. Zcash fell more than 12% even as Grayscale ran a national ad campaign.
What we know
Traders flagged that BTC closed below its 50-week MA after seven weeks above it. Another trader noted it lost its yearly VWAP and 200DMA. Commentators called the price action ugly, and bottom-calling jokes spread, while some traders are buying oversold levels. The Block reported Grayscale launched a national Zcash ad campaign including a WSJ wrap and pledged $1 million, yet ZEC and its ETF were down more than 12%. A CryptoQuant report cited by a news outlet said USDT market cap fell $6.6B in 60 days, more than the December 2022 decline.
How the story developed
Bitcoin closed below its 50-week moving average and lost its yearly VWAP and 200DMA, with sentiment deeply bearish. Zcash fell more than 12% even as Grayscale ran a national ad campaign.
Grayscale launched a Zcash education hub and national ad campaign, including WSJ front-page and full-page ads promoting its Zcash fund.
Grayscale launched a Zcash education hub and national campaign with a $1M ecosystem commitment, as Zcash drew Wall Street Journal coverage.
Sources
“Grayscale launched a national Zcash ad campaign, including a Wall Street Journal wrap.”
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“bitcoin just closed below its 50 week moving average”
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