Grayscale files for Zcash ETF to broaden crypto access

Grayscale has filed a proposal with the US Securities and Exchange Commission to convert its Zcash Trust into the first Zcash exchange-traded fund (ETF), potentially bringing the privacy-focused cryptocurrency into mainstream financial markets. This filing follows a significant rally in Zcash's price, which has surged over 1,000% recently.

Grayscale has filed with the SEC to list the first exchange-traded fund (ETF) tied to Zcash, a privacy-focused cryptocurrency, potentially on NYSE Arca. This move follows a series of successful ETF listings by Grayscale, including those for Dogecoin and XRP, which have recently gained approval for trading on the NYSE.

Tether has responded to S&P Global Ratings' downgrade of its stablecoin USDT to the lowest score, emphasizing its substantial assets, including $135 billion in Treasuries and $13 billion in profit, as well as its critical role in global payments.

Conor McGregor has publicly accused Khabib Nurmagomedov of deceiving fans through a $4.4 million NFT sale, igniting a controversy that underscores the ethical dilemmas associated with digital asset transactions in the sports industry. This accusation reflects ongoing tensions between prominent sports figures over the legitimacy of their ventures in the cryptocurrency space.

S&P Global has downgraded Tether's stability rating for its USDT stablecoin to the lowest level, citing concerns over reserve exposure and governance issues. This downgrade reflects growing apprehensions regarding Tether's financial practices and asset management, particularly in light of its increasing vulnerability to market fluctuations, especially in Bitcoin prices.

Upexi has successfully raised $23 million to expand its treasury holdings in Solana (SOL), aiming to acquire additional SOL tokens and enhance its digital asset portfolio. This strategic move reflects Upexi's commitment to strengthening its position in the cryptocurrency market.

Tom Lee, co-founder of Fundstrat, has identified $2,500 as a critical exhaustion point for Ethereum sellers, suggesting that a dip to this level could present a significant buying opportunity. This prediction comes amid a broader market correction that has affected various cryptocurrencies, including Ethereum, which has seen fluctuations in its price recently.

PayPal has launched a Bitcoin raffle for US users, offering weekly prizes of up to $100,000 through purchases or mail-in entries until December. This initiative aims to engage users in the cryptocurrency space and promote the use of Bitcoin within its platform.