Zcash recovers to pre-crash highs following crypto market meltdown
The price of Zcash (ZEC), a supply-capped, shielded, layer-1 coin dedicated to user privacy, fully recovered following Friday’s market crash, forming a new recent high of about $291 on Saturday before retracing to about $273 at the time of this writing.
Zcash plummeted by 45% on Friday, falling from a high of about $273 to $150, following a social media post from United States President Donald Trump announcing 100% tariffs on China, which sent the crypto markets into a meltdown.
ZEC is only down about 5.5% from its recent high, making it a standout in this market crash. Many cryptos are still down by double digits from their recent highs, including Ether (ETH), which is down by about 22% from its recent and all-time high of $4,957.
Before the market downturn, ZEC went on a meteoric price rally, rising from $74 on October 1 to $291 on Saturday — a price increase of nearly 4x in less than two weeks.
The crypto market experienced one of the most severe liquidation events in its history on Friday after Trump’s tariff announcement, which caused $20 billion in liquidations within hours of his social media post, leaving many traders disillusioned with the markets.
Related: Bitcoin may get ‘dragged around a bit’ amid Trump tariff fears: Exec
US President Donald Trump crashes markets with just two social media posts
Trump crashed markets with only two social media posts on Friday, signaling that the global trade war is back on.
In his first post, he said the Chinese government’s expanded export controls on rare earth minerals, crucial to tech manufacturing and industrial equipment used in the mineral refining process, are “very hostile” and will “clog” global trade.
Over 90% of the world’s rare earth minerals and rare earth magnets that are used in electric batteries, computer chips, consumer electronics, and military defense systems come from China, according to Reuters.
“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” Trump wrote, sparking fears of reigniting an extended trade war. The same fears wiped away trillions of dollars from capital markets in April.
Trump followed up the post hours later by announcing an additional 100% tariff on all goods from China, which is set to take effect on November 1, 2025, or earlier.
Magazine: Ether could ‘rip like 2021’ as SOL traders brace for 10% drop: Trade Secrets
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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