Zcash Soars 15%, Leads Crypto Liquidations at $212 Million
Zcash led $212 million in crypto liquidations as its price surged by 15% to reach approximately $1,170. The rapid increase on September 6 was accompanied by significant losses for bearish traders, with around $156 million of the total liquidated amount coming from short positions.
The dominance of Zcash was clear, with over one-fifth of all liquidations attributed to the token. Ethereum followed closely behind, with $35.16 million in liquidations, while Bitcoin accounted for $16.79 million and Arbitrum had $12.93 million closed out.
The surge in ZEC's price coincided with a record high in open interest for its perpetual futures market, reaching around $2.4 billion on September 4. This increase in leveraged exposure was fueled by a rapid ascent in the token's price trajectory, which saw it trade above $1,000 for the first time since launch.