Zcash Price Plummets 3.73% in 1 Hour on Binance

On October 2nd at 3:21 p.m. ET (19:21 UTC), the price of Zcash (ZEC) plummeted 3.73% in just one hour to $1,296 on Binance's ZEC/USDT spot pair. This significant drop came after a relatively stable period, but the price was still down 1.72% over the previous 24 hours. The price had been at $1,347 just an hour earlier.

The sharp decline in ZEC's price is not an isolated incident. Long liquidations across Binance, Bybit, and OKX totaled $12.98 million during the same hour, while short liquidations totaled $70,000. Liquidations occur when exchanges close leveraged positions after traders can no longer meet margin requirements.