Fed Rate Hike Sparks $345M Crypto Liquidations as ZEC Rises 17%

Following the Federal Reserve's rate hike, a report emerged that virtual asset markets saw $345 million in liquidations. Zcash (ZEC) reportedly rose by 17%.

Odaily reported on July 17 that the liquidation volume and ZEC's price increase occurred immediately after the Fed raised rates. The Federal Reserve announced on July 16 at its Federal Open Market Committee (FOMC) meeting that it had increased the target range for the benchmark interest rate to 3.75%-4.00%.