Live updates: Zcash jumps 17% as $345 million of liquidations hit crypto traders
Zcash experienced a 17% price surge amid a broader market movement where $345 million in leveraged crypto positions were liquidated. The market activity follows a Federal Reserve interest rate hike and ongoing volatility in Bitcoin and other major digital assets.
Why it matters
High levels of liquidations in crypto markets often signal significant volatility and risk for retail traders, highlighting the impact of leverage on asset price stability.
Solana and hyperliquid each added about 3%, with BNB, dogecoin and ether up roughly 2%. Bitcoin climbed 1% to just above $76,400, XRP the same, and tron was flat.
The Fed raised its target range by a quarter point to 375 to 400 basis points on Wednesday, its first hike of the cycle after markets had priced the move at roughly 69% going in. Bitcoin barely moved on the decision. Alex Kuptsikevich, chief market analyst at FxPro, said in an email that bitcoin had already "overreacted negatively" to the CLARITY Act failing in the Senate this week, leaving it less exposed to a stronger dollar.
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