Zcash surges 20% past $1,000 as short positions are liquidated

Zcash (ZEC) briefly climbed above $1,020 after a sharp 20% rally lifted the token to the landmark $1,000 level, according to CoinDesk. The move put pressure on traders positioned for a decline, forcing leveraged short positions out of the market. CoinDesk reported that the resulting liquidations produced approximately $34 million in losses for short sellers. The price action highlights the rapid impact that a strong move in a crypto asset can have on leveraged positions. ZEC later traded around the $1,000 area after briefly exceeding $1,020. The rally was the central market development reported for Zcash, while the forced exit of bearish positions added to the financial impact of the move. The figures cover the reported short-seller losses associated with the rally and do not indicate a forecast for ZEC’s future performance.