Zcash Reaches Highest Price in Nearly a Decade as Short Bets Unwind

Zcash surged to its highest price in nearly a decade, according to Decrypt, as a broader crypto rally driven by Federal Reserve expectations helped fuel a sharp move in the privacy-focused token. The advance put pressure on traders positioned for a decline, effectively crushing short bets. The wider market rally later faded. A stronger-than-expected jobs report shifted sentiment hours after the initial move, sending Bitcoin back below $80,000. The reversal highlighted the market’s sensitivity to changes in expectations around monetary policy and economic data. Zcash’s rally took place within that volatile broader crypto-market backdrop, while Bitcoin’s retreat signaled a rapid change in trading conditions. Decrypt did not provide further details on the size or timing of Zcash’s move in the supplied report.