Zcash Price Surge Triggers $17.77 Million Short Loss, Bitcoin Long Position Still Grows

Zcash has seen a 4% price surge over the past day, pushing it above $1,000.

The cryptocurrency's recent rise in value has put significant pressure on short sellers, particularly those with large positions. One notable trader is facing losses of approximately $17.77 million due to an open short position of 32,760 ZEC entered at $444.

This loss represents about 75% of the mark-to-market loss of $19.03 million when ZEC's price peaked at around $1,025.

Despite this, the trader still holds a long position in Bitcoin worth approximately $105.77 million, which has generated an unrealized profit of around $3.09 million.