Zcash Falls 12% as $20 Million in Long Positions Near Liquidation
ZEC fell to $1,379 before recovering to $1,388.40, while two large long positions faced estimated liquidation levels between $1,357.59 and $1,359.45.
Zcash (ZEC) fell about 12.1% over 24 hours to $1,388.40 after touching $1,379, leaving roughly $20.086 million in two large long positions near estimated liquidation levels.
The closest liquidation level was $1,359.45, with about $17.455 million still held at an average entry price of $1,558.41. That position carried an estimated unrealized loss of about $2.137 million.
A second position worth about $2.631 million faced an estimated liquidation level of $1,357.59. The two levels put the concentrated risk for both positions in the $1,358-to-$1,359 range.
Only one long position of roughly $1 million had been significantly affected among the million-dollar positions tracked. A liquidation occurs when an exchange forcibly closes a leveraged position after the market moves against it.
The move leaves ZEC close to the levels where the two large long positions could be liquidated, but neither position had reached its estimated threshold in the latest figures.
