The privacy sector leads the cryptocurrency market downturn, with Zcash and Monero plummeting
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According to a report by Bijie Network: Privacy coins such as Zcash (ZEC) and Monero (XMR) have led the decline in the cryptocurrency market, with the sector dropping by more than 25% over the past week. Data shows that the futures markets for ZEC and XMR have seen significant long liquidations and capital outflows, with ZEC open interest falling by 5.47% and XMR by 7.10% within 24 hours. Technical analysis indicates that both tokens are trading below key moving averages, and bearish momentum indicators suggest there is still room for further price declines before reaching critical support levels.
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