# ZCash Plummets 19% as Developer Team Resigns – Market Update
🔥 Key Takeaways
- ZEC crashes 19% after the developer team resigns following a dispute with the board.
- BTC drops below $90K (-2%), ETH (-3%), SOL (-3%), and XRP (-7%) as market sentiment weakens.
- JPMorgan plans to launch JPM Coin on the Canton Network.
- Barclays invests in Ubyx, a U.S. stablecoin settlement startup.
- Wyoming introduces its first state-issued stablecoin, Frontier Stable Token.
- Starknet suffers outage due to a block production bug, leading to a temporary pause and rollback.
## ZCash Crisis: Developer Exodus Sparks Sell-Off
The ZCash (ZEC) price plunged 19% after the project’s core development team announced their resignation due to a dispute with the board. The team has pledged to form a new company to continue their mission, but uncertainty around governance and future development has rattled investors.
In an interview with ZEC bull Mert, he expressed concerns about short-term volatility but remained optimistic about ZCash’s long-term fundamentals, citing its strong privacy features and dedicated community.
## Crypto Market Slides as BTC Loses $90K Support
The broader crypto market saw another red day, with:
– BTC down 2% to $89,900
– ETH falling 3% to $3,100
– SOL dropping 3% to $134
– XRP crashing 7% to $2.08
The few gainers included LIT (+3%), WLFI (+3%), and XMR (+3%), but overall sentiment remains cautious ahead of next week’s Senate Banking Committee vote on crypto market structure legislation.
## Institutional Moves: JPMorgan, Barclays, and Wyoming Stablecoins
– JPMorgan announced plans to launch JPM Coin on the Canton Network, signaling deeper institutional adoption of blockchain for settlements.
– Barclays invested in Ubyx, a U.S.-based stablecoin settlement startup, backing infrastructure for cross-issuer digital money transfers.
– Wyoming introduced its first state-issued stablecoin, the Frontier Stable Token, now available to the public.
## Starknet Outage Highlights Scaling Challenges
Starknet suffered a multi-hour outage due to a block production bug, forcing the network to pause and roll back transactions before resuming. The incident underscores the challenges of scaling Ethereum Layer 2 solutions.
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