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ZCash surges 7% after Digital Forex Group CEO proclaims $85M buy

12/01/2021

The value of ZEC surged to $243.84 following Silbert’s announcement however has nonetheless fallen greater than 20% since reaching a six-month excessive of greater than $300 on Thursday.

Digital Forex Group CEO and founder Barry Silbert has bought extra ZCash so as to add to his firm’s coffers as the worth of the token moved above $240 for the primary time in days.

In a Wednesday tweet to his greater than 678,000 followers, Silbert introduced the acquisition of $85 million in Zcash (ZEC), or roughly 376,106 tokens assuming a median worth of $226. The purchase is simply the newest for Silbert, who appears to be portraying himself as a contrarian within the crypto market — responding to destructive feedback on ZEC by buying hundreds of thousands extra.

In keeping with information from Cointelegraph Markets Professional, the worth of ZEC surged greater than 7% following Silbert’s announcement, from $226.08 to $243.84. Nevertheless, it has fallen greater than 20% since reaching a six-month excessive of greater than $300 on Thursday, shortly after its core protocol’s transition from proof-of-work to proof-of-stake.

Associated: ZEC worth jumps 20% in sooner or later as Zcash devs unveil transition to proof-of-stake

Crypto whales like Silbert could also be shopping for ZEC in anticipation of extra of the venture’s tokens going out of circulation as a result of lockup durations. Zcash’s most important developer, Electrical Coin Firm, introduced on Friday that customers would have the ability to stake a portion of their holdings right into a devoted ZEC good contract to turn into validators on its blockchain.

Supply: TradingView

Digital Forex Group operates Grayscale, a $53.5 billion AUM digital asset supervisor th affords buyers publicity to cryptocurrencies via its trusts. The agency first listed its Grayscale Zcash Belief on the OTCQX Finest Market in October. Silbert has additionally hinted that the corporate is planning to transform its Bitcoin Belief right into a spot-settled Bitcoin exchange-traded fund.