Zcash Falls 7.3% as Long Liquidations Reach $4.13 Million

Zcash (ZEC) fell 7.3% to $1,260.05 at 12:25 p.m. ET Saturday (17:25 UTC) as long positions made up most of $4.73 million in liquidations over the prior 24 hours.

Liquidations close leveraged positions when traders cannot meet margin requirements. The 24-hour liquidation window ended at 2:10 p.m. ET Saturday (19:10 UTC), with $4.13 million in long positions and $601,610 in shorts. The long total was nearly seven times the short total. A long position is designed to gain value when the asset’s price rises.

Zcash’s NU7 upgrade activated at block height 3,543,405 at 10:34 p.m. ET Thursday, Nov. 5 (02:34 UTC Friday, Nov. 6). It shortened the target interval between blocks to 25 seconds from 75 seconds, directed 60% of transaction fees to future block rewards and network support, and reduced the computing resources needed to detect incoming private payments.

ZEC traded between $1,122.37 and $1,382.38 over the seven days through Nov. 7.