Zcash Skyrockets, Crushing Shorts with $34M in Liquidations

Zcash (ZEC) surged to its highest price in nearly a decade, reaching $1,023 on September 4. This significant price increase was accompanied by substantial short liquidations, with roughly $34.5 million in bearish bets being closed.

This sudden rise brought ZEC's market capitalization to approximately $17 billion and increased its trading volume to around $1.2 billion over a 24-hour period. The token had opened the day at around $828, gaining nearly $200 in just one session.

The pain was particularly acute for Garrett Jin, who reportedly lost over $18.5 million on a short position of 32,760 ZEC after the price exceeded his liquidation threshold.