Zcash Surges to Nearly Decade-High, Crushing Short Sellers
Zcash has reached its highest price in nearly a decade, climbing as much as 20% to an intraday high of $1,029 on Friday. The token broke above $1,000 for the first time since its launch in 2016, forcing about $34.5 million in short positions to get force-closed on Binance.
The move was fueled by a combination of factors, including Fed Governor Christopher Waller's comments that he'd be 'inclined to support' holding rates steady, which pulled September hike odds lower and led to over $415 million in short liquidations across crypto.
Friday's jobs report also contributed to the rally, showing the U.S. added 162,000 jobs against a forecast of 56,000, sending Bitcoin back under $80,000 on renewed hike bets even as Zcash held onto most of its gains.