Zcash Jumps 37%, Triggering $62 Million in Liquidations in a Day

Source

JOON HYOUNG LEE

Summary

Zcash (ZEC) surged, triggering liquidations totaling $62 million over the past 24 hours.
Of the liquidated positions, $60 million were short positions, and Zcash futures recorded the second-largest liquidation total after Bitcoin.
Alongside Multicoin Capital's investment in Zcash, the token jumped about 37%% from a day earlier and gained 75%% on the week, 125%% on the month, and more than 1,500%% from a year earlier.

Forecast Trend Report by Period

Zcash surged, triggering $62 million of liquidations in the futures market over the past 24 hours.

CoinDesk, citing CoinGecko data, reported on May 6 that the jump in Zcash prices wiped out $62 million in positions over the past day. About $60 million of the liquidated positions were shorts. CoinDesk said Zcash futures recorded the second-largest liquidation total after Bitcoin, an unusual move.

The sharp gain coincided with an investment by Multicoin Capital, a US cryptocurrency venture capital firm. Tushar Jain, Multicoin Capital's co-founder and managing partner, said at Consensus Miami in the US that he had recently bought a sizable amount of Zcash. He did not disclose the size of the investment.

Zcash was trading around $577 at one point on May 6, up about 37% from a day earlier. According to CoinMarketCap, the token had risen about 75% over the past week and about 125% over the past month as of that day. It was up more than 1,500% from a year earlier.

ZEC