Zcash Slides as Crypto Majors Extend Losses and Policy Pressure Builds

Crypto markets weakened again, with Bitcoin down 2% at $89,900 after losing the $90,000 level. Ethereum fell 3% to $3,100, Solana dropped 3% to $134, and XRP declined 7% to $2.08. Among the listed top movers, Lit, WLFI, and Monero each rose 3%. Zcash was the standout loser, falling 19% after its developer team resigned following a dispute with the board.

The Zcash move matters because it ties market pressure to governance uncertainty. According to the source material, the departing team has said it plans to form a new company and continue the project’s mission, but the resignation still introduced a major organizational shift for a privacy-focused crypto asset at a moment when markets were already under pressure.

Stablecoin infrastructure remained a major theme across institutional and public-sector developments. JPMorgan announced plans to launch JPM Coin on the Canton Network, while Barclays invested in Ubyx, a U.S. stablecoin settlement startup focused on helping regulated institutions move digital money across issuers and wallets.

Wyoming also introduced its first state-issued stablecoin, the Frontier Stable Token, making it available to the public. Separately, a World Liberty Financial subsidiary applied for a national trust bank charter as it seeks to issue and custody its USD1 stablecoin under a federally regulated framework.

Regulatory attention is set to stay high, with the Senate Banking Committee facing pressure ahead of a key vote on crypto market structure legislation next week. Meanwhile, Starknet experienced a multi-hour outage caused by a block production bug; the network paused, rolled back, and later resumed operations.