Zcash Jumps 17% as Liquidations Hit $345 Million
The rally came alongside $345 million in liquidations, mostly from short positions, while Bitcoin and Ethereum stayed much calmer. Zcash’s privacy angle is also drawing attention again.
Key Takeaways
- Zcash jumped more than 17% in the Asian morning on Thursday to nearly $1,358, while the crypto market saw $345 million in liquidations.
- According to CoinGlass, 86,816 traders were hit; shorts lost $208 million and longs $137 million.
- The Fed raised rates by 0.25 percentage points, but Bitcoin barely reacted to the decision.
Zcash surged more than 17% in the Asian morning on Thursday to nearly $1,358 (€1,180), while $345 million (€299 million) worth of positions were liquidated across the crypto market in 24 hours. That put Zcash far ahead of the major coins, while Bitcoin, Ethereum, and Solana moved much less.
Liquidations Hit Short Traders
According to CoinGlass, a total of 86,816 traders were hit by forced closures. Shorts accounted for the biggest share of the damage at $208 million (€180 million), compared with $137 million (€119 million) for longs. That shows that investors betting on lower prices were hit especially hard.
Ether led the way with nearly $89 million (€77.1 million) in liquidations, followed by Bitcoin with $85 million (€73.7 million) and Zcash with $56 million (€48.5 million). The largest single order was an $18 million (€15.6 million) Bitcoin position that was closed on Hyperliquid. Notably, Zcash, with a market cap of $23 billion (€19.9 billion), pulled in a big share of that liquidation wave.
Fed Decision Had Little Effect
The U.S. Federal Reserve raised its target range by a quarter percentage point on Wednesday to 375 to 400 basis points. The market had mostly already priced in that move, and Bitcoin barely budged. That fits the picture of a crypto market that has recently been reacting not just to macro news, but also strongly to its own market positioning and liquidity.
Alex Kuptsikevich, chief market analyst at FxPro, said Bitcoin had already "overreacted negatively" to the CLARITY Act failing in the Senate earlier this week, which made the coin less sensitive to a stronger dollar.
Why Zcash Stands Out
For European crypto followers, Zcash is interesting because the coin not only moves with the broader market, but also seems sensitive to a fast buildup in leverage. The recent price jump also came alongside more attention on the network’s privacy side, while the market is watching closely how many new positions form around the rally. If that leverage fades quickly, it could make the move choppier later on. Privacy coins have also shown before how strongly Zcash can lift the sector when attention shifts toward privacy.
