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ZEC Zcash broke through the thousand-dollar mark, and short trader Garrett Jin lost more than US$18.5 million.
The wild nature of the cryptocurrency market has once again emerged in some mainstream altcoins, including Zcash (ZEC), the leader in the privacy coin field. Earlier today, the coin's price soared, setting a multi-year high, breaking through the $1000 integer mark.
This sharp volatility caught many traders, including Garrett Jin, off guard. Data provided by Lookonchain shows that Jin suffered huge losses due to a "Short Squeeze".
Analysts provided a screenshot of a wallet associated with Jin showing that he had opened short positions of up to 32,760 ZECs at a price level well below the current price level of $444, worth more than $33 million based on current market value. Given the asset's strong rebound in the past few days, Jin had to keep margin calls over time to maintain its short position, ultimately confirming a loss of more than $18.5 million.
As $ZEC broke the $1000 mark, Garrett Jin (@GarrettBullish) lost more than $18.5 million on his short positions in 32,760 $ZEC (worth approximately $33.11 million).
As one of the strongest performing currencies in the past 24 hours, Zcash has now seen intraday gains of more than 21%, and its price has jumped to $1020 for the first time, the first time the asset has hit this level in eight years. In addition, ZEC has doubled in value since the market broke through on August 19, when it was trading at about $500.
Data from CoinGlass showed that the total value of ZEC short positions cleared was as high as $36 million, which means Jin's losses accounted for half of them.
