Zcash (ZEC) is down to almost $1,000 on Wednesday, facing intense selling pressure over the last five days, with losses totaling over 20%. The hotter-than-expected US monthly inflation data offset the Grayscale’s Zcash-focused marketing campaign and the sponsor fees contribution to the network.

The technical outlook for Zcash is bearish as the downside momentum gains traction, bringing a crucial moving average around $880 into focus.

US inflation weighs on the crypto market

The US Consumer Price Index (CPI) data came in hot on Tuesday, with a 0.4% rise in October, above the market expectation of 0.3%. This followed the 0.6% increase reported in September, raising inflation concerns and the odds of a rate hike in the US.

The CME FedWatch…