Zcash Hits Highest Price in Nearly a Decade, Crushing Short Bets

Zcash reached its highest price in nearly a decade, resulting in a significant squeeze that crushed short bets. This surge was driven by a broader crypto rally influenced by the Fed. However, the momentum reversed hours later following a stronger-than-expected jobs report. This economic data triggered a market shift that pushed Bitcoin back below the $80,000 threshold, impacting the overall trajectory of the privacy coin's recent price spike and the wider cryptocurrency market volatility.