Zcash Roars Ahead as Crypto Market Experiences Widespread Liquidations
On Thursday morning, Zcash experienced a significant price surge of over 17% to nearly $1,358, outperforming other major cryptocurrencies. According to CoinDesk data, Solana and hyperliquid each added around 3%, while BNB, dogecoin, and ether rose roughly 2%. Bitcoin climbed 1% to just above $76,400, with XRP and tron remaining unchanged.
The Federal Reserve's decision on Wednesday to raise its target range by a quarter point to 375-400 basis points was met with minimal reaction from the cryptocurrency market. Alex Kuptsikevich, chief market analyst at FxPro, attributed Bitcoin's relatively stable price to it having 'already overreacted negatively' to the CLARITY Act failing in the Senate earlier this week.
A total of 86,816 traders were liquidated over 24 hours for a combined $345 million, with shorts making up $208 million and longs accounting for $137 million. The largest single order was an $18 million Bitcoin position closed on Hyperliquid.