Zcash Price Soars by Over 17% in 24 Hours, Leaves Trader $1 Million Short

Zcash price surged by over 17% in the last 24 hours, leaving one trader on the wrong side of the market.

The sudden increase caught '0x3c83,' a trader who had previously been long on ZEC and then flipped to short, off guard. According to Lookonchain, this trader closed his position and went short on 767.2 ZEC, worth around $1 million, but the timing of this decision proved wrong.

Zcash rose from $1,101 to $1,383 on Wednesday and continued its rally into Thursday, reaching a price of $1,396 before settling at $1,370. As the price increased, the trader's short position came under pressure and was eventually fully liquidated by Lookonchain.

Liquidations occur when traders bet against an asset and it unexpectedly rises, forcing exchanges to close their positions due to insufficient collateral. Zcash's recent price surge coincided with a governance vote that backed faster block times while maintaining its Bitcoin-style halving schedule.