Zcash Price Dips – Only 1% of Its $2.25B Leverage Cleared

Zcash (ZEC) fell roughly 7% in 24 hours, as Bitcoin briefly slipped below $80,000, and about $22.8 million in ZEC futures positions were liquidated, mostly long bets on higher prices. The drop followed a rejection at the 50-day simple moving average near $1,296 and a slide to the 0.382 Fibonacci retracement level, a chart-based support level, around $1,142, a floor it had bounced from earlier in the week. With open interest, or total outstanding futures positions, near $2.25 billion, the liquidations cleared only about 1% of those positions. ZEC still traded more than 360% above its early-June low near $247; futures volume of about $5.3 billion was roughly 15 times the $340 million in spot trading.