Zcash NU7 upgrade: Zebra 7.0.0 fixes seven security flaws

Bitcoin rose 4.5% to $80,600, while Ethereum gained 7% to $2,435, as a weaker dollar and Democratic midterm wins boosted risk assets. The rally followed a month-long crypto market decline, with Bitcoin's surge potentially forcing short sellers to cover positions. Key levels to watch include $80,000 for support and $82,000-$83,000 for further gains. Institutional inflows remain weak, and political uncertainty persists.

Zcash (ZEC) surged 7.7% in 24 hours to $1,274.81 on November 4, with $1.145 billion in trading volume. The NU7 upgrade, expected around November 5, will reduce block times from 75 to 25 seconds. Zcash's market cap is $21.75 billion. Development funding discussions are ongoing, with proposals to alter the distribution of new coin issuance.

Binance published proof of reserves for ten tokens, including Bitcoin and Ether, after a $6.34 billion hack. The exchange pledges to cover losses using its treasury and emergency funds. A broader token snapshot is planned, and withdrawals have resumed with possible delays. The FBI attributes the hack to North Korea's TraderTraitor group, a claim denied by Pyongyang.

Zcash Community Grants (ZCG) withdrew its proposal to redirect 98,000 ZEC to mining rewards after community criticism. Zcash is trading near $1,310, up 14% in 24 hours. Competing proposals, including one from Zcash founders, are under discussion. The decision will be made through Zcash's governance process.

Zcash Community Grants (ZCG) abandoned a proposal to transfer 98,000 ZEC to mining rewards, reducing ZCG funding. The plan would have cut ZCG's allocation to 47,000 ZEC by 2028 and transferred 36,200 ZEC to the Network Sustainability Mechanism (NSM). ZEC was trading up 14.8% at $1,292.41 following the news.

Zcash (ZEC) rose 5.8% in four hours to $1,266 on Binance, with a 24-hour increase of 11.8%. Short liquidations totaled $2.14 million across Binance, Bybit, and OKX. ZEC's market cap is about $21.275 billion, ranking it 10th.