Zcash Slumps 6% as $10M Long Liquidations Hit Crypto Market

The price of Zcash (ZEC) plummeted by 6.05% in just one hour on Binance's ZEC/USDT spot market, from $1,480 to $1,390.

This sharp drop was largely driven by a massive wave of long liquidations on derivatives that hit ZEC much harder than the broader market.

A significant portion of these liquidations occurred on Binance, Bybit, and OKX, with approximately $10.08 million in longs being closed out versus only $30,000 in shorts.

This resulted in a 24-hour decline of around 11.98% for ZEC, ranking it 9th by market cap at the time.