ZEC surge liquidates $60M in short positions in 24 hours

Zcash (ZEC) has surged by more than 30% in the past 24 hours, leading to the forced liquidation of approximately $60 million in short positions. CoinDesk reported that the 24-hour trading volume for ZEC in the perpetual futures market exceeded $1.3 billion, with over 5,000 traders facing liquidations totaling $62 million. Of this amount, $60 million were short positions, while $3 million were long positions. The sudden price increase appears to have been triggered by a disclosure from prominent crypto investment firm Multicoin Capital, which revealed it has been holding a significant amount of ZEC since February.