ZEC Surges 17% in 24 Hours Amid $345 Million Forced Liquidations

Virtual asset markets witnessed $345 million (approximately 47.27 billion won) in forced liquidations, with Zcash (ZEC) surging 17% over 24 hours and recording the largest single-coin liquidation volume at $56 million (about 76.7 billion won), according to reports. CoinDesk reported on July 17 in a live update that ZEC's forced liquidation amount was the highest across the entire market. Forced liquidations occur when exchanges forcibly close leveraged positions due to insufficient margin. CoinDesk noted that most of the liquidation losses were borne by short position holders.