Zcash Drops, Then Pops as Arthur Hayes Warns to Remove ZEC From Exchanges
Zcash's price experienced a significant drop on Wednesday, followed by a recovery, after Bitcoin billionaire Arthur Hayes advised his followers to withdraw ZEC from centralized exchanges. He emphasized the importance of moving Zcash to self-custodial wallets due to the heightened volatility and risks associated with holding digital assets on exchanges. ZEC's value surged over 10% after Hayes' warning, rising to above $537 from a low of $430 earlier in the day. However, this is still approximately 30% lower than its high from the previous week and significantly below its all-time high of $3,192 reached in 2016. Amidst growing concerns over privacy and government tracking of transactions, Zcash serves as a privacy coin that offers encrypted transaction information. The situation reflects broader warnings from experts about the vulnerabilities of holding funds on centralized exchanges.
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