Zcash Surges 17% After Fed's First Rate Hike — SkimNews
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- Federal Reserve raised its target range by 25 basis points to 375–400 bps on Wednesday, its first hike of the cycle, after markets had priced the move at ~69%; Bitcoin barely moved on the decision.
- Zcash jumped more than 17% to nearly $1,358 in Asian morning hours Thursday, leading every major cryptocurrency per CoinDesk data, while Solana and hyperliquid each added about 3% and BNB, dogecoin, and ether rose roughly 2%.
- Bitcoin climbed 1% to just above $76,400 and XRP also gained 1%, according to the source, even as Alex Kuptsikevich of FxPro said Bitcoin had already "overreacted negatively" to the CLARITY Act failing in the Senate.
- 86,816 traders were liquidated over 24 hours for a combined $345 million, with shorts accounting for $208 million of the pain versus $137 million in longs, per CoinGlass.
- Ether led individual-coin liquidations at nearly $89 million, followed by Bitcoin at $85 million and Zcash at $56 million, with the largest single order being an $18 million Bitcoin position closed on Hyperliquid.
- Zcash generated $56 million in liquidations on a market capitalization of $23 billion — a leverage flag the source says has fueled every leg of the run and is the key watch point through Thursday.
Why it matters: The Fed's first hike of the cycle was 69% priced in and barely budged Bitcoin, but Zcash's 17% spike alongside $56 million in liquidations on a $23 billion market cap shows this move is levered — the source explicitly flags that thin float and heavy positioning have powered every leg of Zcash's run and could just as quickly reverse it.
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