The crypto market was hit by multiple significant developments today. Privacy coin Zcash was revealed by journalist Laura Shin to contain an infinite currency bug, causing the price of ZEC to plummet 31% within a short period. The infinite currency vulnerability refers to a protocol flaw that allows an attacker to mint unlimited new tokens, destroying the coin's scarcity and value foundation. The incident has raised fresh concerns about the code security of Zcash and other privacy coins.
On the macro front, Standard Chartered stated that Bitcoin's bottom is nearly here, suggesting the bank's analysts believe the current price level is close to the low point of this downward cycle. This statement from a traditional financial institution injected a measure of stabilization expectations into the persistently depressed market.
In other news, Coinbase has launched a pre-IPO futures contract for SpaceX stock, offering up to 5x leverage. The product allows investors to bet on SpaceX's valuation before its public listing, adding a new asset class to the crypto exchange's derivatives lineup. Meanwhile, reports indicate that four major banks are joining forces to crack down on stablecoins. Although the specific banks and methods remain undisclosed, the move underscores the traditional banking sector's wariness and counteroffensive intentions toward the expansion of stablecoins.