Key facts
- Ether (ETH) price fell below $1,600, reaching a 13-month low of $1,540.
- Bitcoin (BTC) price dropped below $60,000 for the first time in months.
- A critical vulnerability was discovered in the Zcash blockchain.
- The Zcash vulnerability contributed to a broader selloff in the cryptocurrency market.
- Traders are concerned about potential deeper price corrections in ETH due to derivatives metrics and the Zcash bug.
Ether (ETH) experienced a significant price drop, falling below $1,600 and reaching a 13-month low of $1,540. This decline occurred amidst a broader selloff in the cryptocurrency market, which was also influenced by Bitcoin (BTC) dropping below the $60,000 mark for the first time in several months. The emergence of a critical vulnerability in the Zcash blockchain was cited as a contributing factor to the market's bearish sentiment. Traders are expressing concerns about the potential for deeper price corrections in ETH, citing weakness in its derivatives metrics and the heightened risk associated with the Zcash bug.