I don't see a major negative $Zcash specific event

In fact, recent news around #Zcash has generally been positive:
Development continues around quantum-resistant wallet technology and governance upgrades.
Reports of a Zcash network outage were largely attributed to explorer/reporting issues rather than a protocol failure.
The broader privacy-coin narrative has actually strengthened over the past year, attracting renewed investor attention.
Remember, #ZEC had an enormous run from late 2025 into 2026, at one point outperforming most of the crypto market. Assets that rise that quickly often experience violent corrections whenever sentiment weakens.
So today's weakness is likely:
#Bitcoin weakness.
Iran/macroeconomic risk-off sentiment.
Profit-taking in a token that has already had a huge move.
General crypto leverage being unwound.
Longer-term
Ironically, the investment case for Zcash today is stronger than it was a few years ago because it now has a clear narrative:
Privacy in increasingly important in the digital world.
That's the reason institutions and high-profile investors have recently revisited ZEC.
My view:
If Bitcoin stabilizes, ZEC can rebound sharply.
If Bitcoin loses major support, ZEC will likely continue lower regardless of its own fundamentals.
The biggest driver of ZEC right now is probably not technology but the privacy coin narrative and broader crypto liquidity conditions.