Zcash extended its recent selloff beyond 50% on Friday to roughly $310 as a critical counterfeiting vulnerability disclosed earlier this week continued to weigh on sentiment.
ZEC fell as much as 60% at one point, from around $630 on Thursday to as low as roughly $250 on Friday, before recovering some losses, while liquidations surpassed $116 million — the third-largest among cryptocurrencies over the past 24 hours behind bitcoin and ether — according to CoinGlass.
Notably, the CoinGlass figure reflects a partial picture. Liquidation data is staggered and known to underreport, meaning actual forced-close volumes are likely higher.
Zcash's liquidation data shows almost $72 million in long liquidations and over $45 million in shorts over the 24-hour period, with peak volume between 8 a.m. and 9 a.m. UTC on June 5. CoinGlass rated the session's liquidation intensity 3.72x against the seven-day average.
Zcash liquidations exceed $116 million amid Orchard bug saga | Image: Coinglass.
