Zcash has lost nearly half of its value within 24 hours following the discovery of a critical security vulnerability.
The cryptocurrency market experienced another wave of extreme volatility, with major digital assets recording sharp price swings that triggered heavy losses for leveraged traders across the board.
Among the hardest hit was Zcash (ZEC), which suffered a dramatic collapse after a recently uncovered flaw in its codebase raised concerns throughout the crypto community. The revelation sparked widespread criticism, including from prominent investor Arthur Hayes, who announced that he had completely exited his ZEC position.
The fallout was immediate. ZEC plunged from more than $630 on Thursday to below $300 on Friday before managing a modest rebound. Even after recovering some losses, the privacy focused cryptocurrency remained deeply in the red.
The sharp decline resulted in significant liquidations, with data from CoinGlass showing that approximately $100 million worth of long ZEC positions were wiped out within a single day.
However, Zcash was not the only asset caught in the market downturn.
Ethereum continued its recent weakness after losing the critical $2,000 support level earlier this week. The second largest cryptocurrency by market capitalization dropped below $1,650 during Friday’s session, marking its lowest price in 14 months.
Other major altcoins also suffered steep losses. Solana (SOL) fell more than 7 percent, HYPE dropped around 9 percent, and Cardano (ADA) declined another 16 percent after founder Charles Hoskinson announced he would be stepping back for a period.
Bitcoin also came under pressure, briefly falling to $61,000 before recovering nearly $2,000. Despite the decline, Bitcoin benefited from the broader altcoin selloff, strengthening its position within the overall market.
Bitcoin dominance, a metric that measures Bitcoin’s share of the total cryptocurrency market capitalization, rose by more than 0.5 percent in the last 24 hours. The increase came after the indicator had fallen from 58 percent to 55.5 percent over the previous week.
The liquidation figures highlight the scale of the market turmoil. More than 255,000 traders were liquidated across crypto markets during the past 24 hours, with total losses exceeding $1.21 billion. Long positions accounted for the vast majority of those liquidations, contributing approximately $935 million to the overall total.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
