Zcash rose more than 17% to nearly $1,358 during Asian morning trading Thursday, outpacing gains across the broader crypto market. Other major assets posted more modest gains, with Solana and Hyperliquid each adding about 3%, while BNB, dogecoin, and ether rose roughly 2%. Bitcoin climbed 1% to just above $76,400, XRP matched that gain, and Tron remained flat.
The price movements came after the Federal Reserve raised its target rate range by a quarter point to 375 to 400 basis points Wednesday, marking its first rate increase of the cycle. Markets had priced in the move at roughly 69% probability beforehand. Bitcoin showed minimal reaction to the decision, according to market analysts who noted the asset had already declined following this week's failure of the CLARITY Act in the Senate.
Across the crypto market, liquidations accelerated Thursday as leverage positions unwound. Some 86,816 traders were liquidated over 24 hours for a combined $345 million, according to CoinGlass data. Liquidations occur when exchanges force-close leveraged positions after a trader's collateral no longer covers losses. Short positions accounted for $208 million of liquidations against $137 million of longs, meaning most losses fell on traders betting prices would decline.
Ether led in liquidation volume at nearly $89 million, followed by Bitcoin at $85 million and Zcash at $56 million. The largest single liquidation was an $18 million Bitcoin position on Hyperliquid. Zcash's $56 million in liquidations occurred against a market capitalization of $23 billion.
