Zcash Jumps 30% to $543, Triggering $62 Million in Futures Liquidations

Zcash surged nearly 30 percent to $543 on Tuesday, extending its 30-day gain to more than 110 percent and triggering about $62 million in futures liquidations, mostly from short sellers. The price movement and associated liquidations both occurred on Tuesday. Zcash reached a price of $543 during the session.

@CoinDesk reported the cryptocurrency's sharp one-day advance pushed its 30-day performance above 110 percent. The rapid climb caught short positions off guard, resulting in the $62 million liquidation wave. Futures liquidations during the move were mostly from short sellers.

That imbalance amplified the upward pressure as forced covering added to buying volume. The cryptocurrency had been trading at lower levels before Tuesday's breakout. Its advance to $543 marked a notable short-term reversal after earlier weakness in the broader digital-asset market.