Bitcoin Slips Below $73K Amid Crypto Rout as Zcash Emerges as Top Loser

The cryptocurrency market extended its losses on Wednesday, November 11, as investors reacted to stronger-than-expected U.S. inflation data and growing expectations of a Federal Reserve rate hike. Bitcoin (BTC) slipped below $73,000, while Zcash (ZEC) emerged as the worst-performing major cryptocurrency, falling below the $1,000 threshold.

The latest sell-off follows Tuesday’s hotter-than-anticipated Consumer Price Index (CPI) report, which triggered renewed concerns about tighter monetary policy. Selling pressure spread across the market, leaving most leading digital assets with negative daily returns.

Bitcoin touched $72,727 on Binance during Tuesday’s session before recovering to approximately $73,800. Ether (ETH) briefly declined to $2,006, while XRP and Solana (SOL) lost between 2% and 3% over 24 hours. Meanwhile, the Crypto Fear & Greed Index dropped to 29, highlighting deteriorating sentiment among cryptocurrency investors.

The inflation figures prompted traders to reassess the Federal Reserve’s December interest rate outlook. U.S. Treasury yields moved higher, and expectations of a larger rate increase nearly tripled within two hours of the report.

Zcash has experienced considerably greater selling pressure than the broader market. The privacy-focused cryptocurrency, introduced in 2016, enables users to conceal transaction details, including sender and recipient identities and payment amounts. ZEC dropped below $1,000 on Wednesday for the first time since September 5. Trading near $966, the token has lost 15.4% in 24 hours and 24.8% over the past week.

Despite the latest correction, ZEC remains among the strongest-performing cryptocurrencies in 2026. Its price advanced from approximately $526 on January 1 to a closing high of $1,653 on September 26. However, a comparison of the 20 largest Binance-listed cryptocurrencies shows that Zcash has recorded the steepest daily and weekly declines, even with its year-to-date gains remaining at 89%.

Why Is the Crypto Market Falling? Hot CPI Data Puts Fed Rate Hike Back in Focus

Fresh inflation data has become the primary catalyst behind the latest cryptocurrency downturn. October’s CPI increased by 0.4%, exceeding the 0.3% economists had anticipated. Core CPI, which excludes food and energy costs, also rose 0.3%, compared with expectations of 0.2%.

The reading reinforced concerns raised by Federal Reserve Governor Christopher Waller. Speaking several hours before the inflation figures were released, Waller indicated that core inflation around 0.3% could justify considering a 50-basis-point interest rate increase in December.

Financial markets quickly adjusted their expectations. Polymarket data showed the probability of a December rate increase of at least 50 basis points jumping from 4.4% before the announcement to 12.8% within two hours. The odds have since moderated to 9.4%, while expectations for a conventional 25-basis-point increase stand at 85.5%.

Higher borrowing costs generally create unfavorable conditions for cryptocurrencies. As government bond yields and returns on cash increase, investors have less incentive to maintain exposure to volatile assets. Reflecting this shift, the 10-year U.S. Treasury yield climbed from 4.86% to 4.98% on Tuesday.

Additional pressure came from two developments:

Nvidia’s stock decline: Shares of the major semiconductor manufacturer dropped 5.5% to $168.89 on Tuesday, marking their lowest closing price since March 30. A Republican senator also called on CEO Jensen Huang to resign over his affair. Weakness in prominent AI-related stocks can influence cryptocurrency sentiment as investors reduce risk exposure.

Bitcoin ETF withdrawals: U.S. spot Bitcoin exchange-traded funds recorded combined net outflows of $969 million across the previous five trading sessions. CryptoQuant contributor Axel Adler Jr. documented the withdrawals in research highlighted by Lookonchain.

Market Intelligence: Crypto Analyst Predicts Best Low-Cap Crypto

Zcash Suffers the Sharpest Correction Following Its Massive Rally

Zcash’s recent losses stand out because the cryptocurrency delivered substantial returns earlier this year. Data comparing the weekly and year-to-date performance of 20 major Binance-listed assets places ZEC at the bottom of the rankings for the past seven days.

• ZEC: Declined 24.8% over the past week, making it the biggest loser among the selected cryptocurrencies. Nevertheless, it remains 89% higher since January 1.
• Other major coins: NEAR and Tron (TRX) are the only other assets in the group maintaining positive year-to-date returns. Bitcoin has fallen 6.1% over seven days and 15.9% in 2026.

Profit-taking often intensifies when market conditions deteriorate, particularly in assets that have experienced significant rallies. ZEC has already retreated 41% from its September 26 closing peak of $1,653.

Leveraged trading has added to the downward momentum. Hyperliquid data shows ZEC falling from $1,199.20 to $965.79 in less than 24 hours. Lookonchain identified 32 traders with leveraged bullish positions exceeding $1 million each. Twenty-seven of those traders are now facing losses, with their combined unrealized positions showing approximately $23.7 million in negative returns.

However, historical price movements suggest that sharp corrections do not necessarily result in extended weakness. Since January 2025, ZEC has experienced 14 daily declines of at least 12% on Binance. In eight cases, the cryptocurrency recovered and traded higher seven days later, recording a median gain of 6.5%.

EXPLORE: Fed Meeting Today: Traders Price a 95% Hold and a 79% December Hike. What Does It Mean for Crypto?

Zcash Price Analysis: $933 Support Could Determine the Next Move

ZEC is hovering around $966 after touching $961.07 on Wednesday, marking its lowest price since September 4.

Technical indicators suggest that the cryptocurrency has entered a weaker short-term position. On the daily timeframe, ZEC has moved below its 50-day exponential moving average (EMA), currently sitting at $1,200.68. However, the token continues to trade above its 200-day EMA at $872.23.

Important resistance levels:

• $1,050: Wednesday’s intraday high and the first level buyers need to reclaim.
• $1,191.76: A recent swing high positioned close to the 50-day EMA.

Key support levels:

• $933.12: The September 4 low and an important downside level.
• Around $895: The approximate liquidation zone for two major leveraged ZEC bullish positions tracked by Lookonchain on Hyperliquid, near $894 and $895.
• $872.23: The 200-day EMA, which represents another potential support area.

Bitcoin’s immediate technical support remains Tuesday’s low of $72,727. If sellers push BTC below this level, the next downside area to watch is $68,902, corresponding to the August 20 low.

Overall, the latest cryptocurrency sell-off reflects mounting inflation concerns, shifting Federal Reserve rate expectations and growing pressure on leveraged positions. Zcash has suffered disproportionately because of its earlier rally and the subsequent wave of profit-taking. A daily close above $1,050 could provide an initial indication that selling pressure is easing.