Zcash Surges to Multi Year High on Massive Short Squeeze

Zcash staged a massive rally recently, touching its highest price level in almost a decade. The sudden price spike caught short sellers off guard, triggering a wave of liquidations that pushed the privacy coin even higher.

The dramatic price action rode the wave of a Federal Reserve driven market rally. However, the wider crypto market momentum reversed hours later when a stronger than expected jobs report hit the wire. That economic data pushed Bitcoin back down below the 80,000 dollar mark.

Traders are now watching privacy tokens closely to see if the recent momentum can return once the broader market settles. Keep an eye on overall macroeconomic data releases, as they continue to dictate short term trends across the entire crypto sector.