#ZcashRises6% ZEC surges 5.6% in an hour — but it's a short squeeze, not organic buying
$ZEC
jumped 5.6% in a single hour to $1,158.26, with $28.9 million in liquidations hitting mostly short positions. Open interest sits at $2.23 billion.
Here's what's actually happening: as ZEC's price rose against a crowded pile of short bets, exchanges automatically closed those positions at a loss — which meant buying to do it. That forced buying pushed the price up further, triggering even more liquidations in a cascade. This is a short squeeze, not necessarily fresh organic demand.
$ZEC
jumped 5.6% in a single hour to $1,158.26, with $28.9 million in liquidations hitting mostly short positions. Open interest sits at $2.23 billion.
Here's what's actually happening: as ZEC's price rose against a crowded pile of short bets, exchanges automatically closed those positions at a loss — which meant buying to do it. That forced buying pushed the price up further, triggering even more liquidations in a cascade. This is a short squeeze, not necessarily fresh organic demand.
