Edgen Crypto·Nov 26 2025, 16:55
[1] Grayscale files for Zcash ETF to broaden crypto access (https://cryptobriefing.com/grayscale-zcash-et ...)[2] Grayscale files with the SEC to launch first-ever Zcash ETF - The Block (https://www.theblock.co/post/380559/grayscale ...)[3] Grayscale files for ZCash trust, prepares to launch on NYSE Arca (https://www.cryptopolitan.com/grayscale-files ...)
Related News
Nov 26 2025, 15:57
Divergent Fortunes in Mid-Cap Cryptocurrencies: DASH Surges 16% as ASTER Breaches Key Support
## Executive Summary The digital asset market has displayed significant volatility in specific mid-cap cryptocurrencies, diverging from the broader market's modest gains. **Dash (DASH)** recorded a substantial price increase of 16.34%, reaching $63.93. In stark contrast, **Aster (ASTER)** experienced a notable downturn of over 6%, ultimately breaching the critical $1.00 psychological support level. These opposing movements underscore how asset-specific events, such as exchange listings and subsequent profit-taking, can drive performance independently of general market trends. ## The Event in Detail ### Dash (DASH) Exhibits Strong Upward Momentum The cryptocurrency **Dash (DASH)** demonstrated a significant rally, with its price appreciating by 16.34%. While the peak was reported at $63.93, real-time data from multiple exchanges indicated a consistent trading range between $58.42 and $60.43, accompanied by a 24-hour trading volume of approximately $201 million. This surge suggests a renewal of investor interest and positive momentum for the established digital currency, which focuses on speed and low-cost transactions. ### Aster (ASTER) Faces Bearish Pressure Conversely, **Aster (ASTER)** has been subject to significant selling pressure. The asset fell by more than 6% to $1.09 and continued its descent, at one point dropping 14% in a 24-hour period to a low of $0.995. This decline pushed ASTER below its key support level at $1.00, a technically significant bearish indicator. Market analysis suggests the downturn is a direct result of profit-taking following its recent listing on the Coinbase exchange, a common pattern where early investors capitalize on post-listing price pumps. ## Market Implications The breach of the $1.00 support level for **ASTER** is a critical development that could signal a further downtrend. Assets that fall below such psychological and technical thresholds often struggle to regain upward momentum, as investor sentiment turns negative. Projections indicate a potential for continued price decreases, with a forecasted trading range between $0.74 and $1.06 in the near term. The asset's performance stands in contrast to the broader crypto market, which registered a 2.56% gain during one of ASTER's sharpest periods of decline. For **Dash**, the strong price increase may signal a flight to more established digital assets within the crypto ecosystem. As newer tokens like ASTER experience post-hype corrections, some investors may be rotating capital into cryptocurrencies with longer track records and clearly defined use cases. ## Broader Context This divergence between **DASH** and **ASTER** serves as a case study in market dynamics. It illustrates that the cryptocurrency market is not monolithic; individual assets are subject to unique drivers that can lead to significant performance deviations from the market average. The ASTER price action, in particular, highlights the inherent risks associated with assets immediately following a major exchange listing, where initial excitement can quickly give way to corrections. Meanwhile, the renewed interest in DASH reflects the enduring relevance of foundational crypto projects in a maturing market.
Nov 26 2025, 15:51
S&P Global Assigns Weakest Stability Score to Tether, Citing Reserve Quality Concerns
## Executive Summary **S&P Global Ratings** has assigned its lowest stability assessment score of 5 (weak) to **Tether (USDT)**, the world's largest stablecoin, as part of a new ranking system for the asset class. The downgrade stems from concerns regarding the quality and transparency of the assets held in **USDT's** reserves, particularly its exposure to volatile assets like **Bitcoin**. This assessment introduces a formal credit rating perspective into the stablecoin market, potentially influencing investor confidence and driving a shift towards more conservatively managed stablecoins. ## The Event in Detail As part of a newly launched initiative to assess stablecoin stability, **S&P Global Ratings** is applying an analytical framework that scores stablecoins on a scale of 1 (very strong) to 5 (weak). In its initial assessment, the agency gave **Tether's USDT** and **TrueUSD (TUSD)** its weakest rating of 5. **DAI** received a "constrained" score of 4. The primary driver for **USDT's** low score is the composition of its reserves. **S&P** highlighted that **Bitcoin** now accounts for approximately 5.6% of **USDT's** circulating supply. This exposure is greater than the 3.9% excess reserve buffer implied in **Tether's** most recent Q3 attestation, suggesting that a significant decline in **Bitcoin's** value could impair the reserves backing the stablecoin. ## Market Implications The "weak" rating from a major credit agency like **S&P** could erode confidence in **USDT**, which has long faced scrutiny over the transparency of its reserves. This may trigger a "flight to quality" among investors and institutional users, who might shift their holdings to stablecoins that received stronger ratings. Competitors such as **USDC**, **Pax Dollar**, and **Gemini Dollar**, all of which were assessed as "strong" by **S&P**, stand to benefit directly. The move also intensifies the pressure on stablecoin issuers to provide greater transparency and adopt more conservative reserve management strategies, likely inviting further regulatory oversight. ## Expert Commentary **S&P** has made its methodology clear, with analyst Lapo Guadagnuolo stating, "The assets (backing the stablecoins), for us, are the most fundamental starting point." This indicates a rigorous focus on asset quality over other metrics. This external assessment stands in contrast to **Tether's** self-reported financial strength. The company's Q3 2025 attestation, conducted by the accounting firm BDO, reported a year-to-date profit above $10 billion and a substantial excess reserve buffer of $6.8 billion. The same report noted that **Tether's** holdings of U.S. Treasuries reached a record $135 billion, positioning it as a major holder of U.S. debt. While **Tether** champions its profitability and liquidity, **S&P's** rating emphasizes the perceived market risk from its non-traditional holdings. ## Broader Context **S&P's** entry into stablecoin assessment marks a significant maturation of the digital asset market, introducing a traditional financial risk evaluation framework to the sector. For years, the market has relied on issuer-provided attestations, which vary in detail and frequency. By providing an independent, standardized comparison, **S&P** is creating a new benchmark for risk management. The divergence in ratings—with **USDT** rated "weak" while key competitors are rated "strong"—crystallizes the different strategic approaches to reserve composition and transparency, setting the stage for a new competitive dynamic centered on third-party validation and perceived safety.
Nov 26 2025, 15:47
Cryptocurrency Market Sees $225 Million in Leveraged Liquidations in 24 Hours
## Executive Summary In the last 24 hours, the cryptocurrency market underwent a significant deleveraging event, with total liquidations amounting to $225 million. The liquidations impacted both bullish (long) and bearish (short) positions, signaling a period of intense market uncertainty and volatility. The largest single liquidation event was a $4.37 million **Bitcoin (BTC)** position on the decentralized exchange **Hyperliquid**, underscoring the platform's growing significance in the derivatives market. ## The Event in Detail According to data from the analytics platform Coinglass, forced closures of leveraged positions totaled $225 million across the digital asset ecosystem. This wave of liquidations affected a large number of traders, with reports indicating tens of thousands of accounts were liquidated. The primary assets involved were major cryptocurrencies, with **Bitcoin (BTC)** and **Ethereum (ETH)** positions leading the volume of liquidations. The most notable single event occurred on **Hyperliquid**, a decentralized perpetuals exchange. A single BTC-USD position valued at $4.37 million was forcefully closed, highlighting the platform's capacity to handle substantial, high-risk trades. The fact that both long and short positions were liquidated suggests that traders on both sides of the market were over-leveraged, leading to forced closures as prices fluctuated without a clear directional trend. ## Market Implications The scale of these liquidations serves as a key indicator of the high degree of leverage currently employed in the cryptocurrency market. When a large volume of leveraged positions is closed automatically, it can trigger a cascade effect, where the initial liquidations cause further price movements that, in turn, trigger more liquidations. This phenomenon significantly amplifies market volatility. The simultaneous liquidation of both long and short positions points to a market characterized by indecision rather than a clear bearish or bullish trend. It suggests that recent price action has been choppy and range-bound, catching out traders who bet on a significant breakout in either direction. ## Broader Context This $225 million event is part of a recurring pattern of large-scale liquidations in the crypto futures market, where billions of dollars in positions are frequently wiped out during periods of heightened volatility. The consistent appearance of **Hyperliquid** as the venue for the largest single liquidation orders signals a structural shift in the market. Decentralized exchanges are increasingly competing with their centralized counterparts in the high-stakes perpetual futures arena. Despite the significant value of liquidated positions, the broader market has not established a new directional trend. Some market analysis notes that **Bitcoin**'s price has been moving sideways, suggesting these liquidation events are currently serving to flush out excess leverage rather than marking the start of a new, sustained price trajectory. This dynamic indicates that while individual traders are facing significant losses, the overall market structure remains in a state of consolidation.