The value of Zcash (ZEC), a supply-capped, shielded, layer-1 coin devoted to consumer privateness, totally recovered following Friday’s market crash, forming a brand new current excessive of about $291 on Saturday earlier than retracing to about $273 on the time of this writing.
Zcash plummeted by 45% on Friday, falling from a excessive of about $273 to $150, following a social media put up from United States President Donald Trump asserting 100% tariffs on China, which despatched the crypto markets right into a meltdown.
ZEC is just down about 5.5% from its current excessive, making it a standout on this market crash. Many cryptos are nonetheless down by double digits from their current highs, together with Ether (ETH), which is down by about 22% from its current and all-time excessive of $4,957.
Earlier than the market downturn, ZEC went on a meteoric worth rally, rising from $74 on October 1 to $291 on Saturday — a worth enhance of practically 4x in lower than two weeks.
The crypto market skilled one of the extreme liquidation occasions in its historical past on Friday after Trump’s tariff announcement, which brought about $20 billion in liquidations inside hours of his social media put up, leaving many merchants disillusioned with the markets.
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US President Donald Trump crashes markets with simply two social media posts
Trump crashed markets with solely two social media posts on Friday, signaling that the worldwide commerce battle is again on.
In his first put up, he stated the Chinese language authorities’s expanded export controls on uncommon earth minerals, essential to tech manufacturing and industrial tools used within the mineral refining course of, are “very hostile” and can “clog” international commerce.
Over 90% of the world’s uncommon earth minerals and uncommon earth magnets which are utilized in electrical batteries, laptop chips, shopper electronics, and army protection techniques come from China, in keeping with Reuters.
“I used to be to satisfy President Xi in two weeks, at APEC, in South Korea, however now there appears to be no cause to take action,” Trump wrote, sparking fears of reigniting an prolonged commerce battle. The identical fears wiped away trillions of {dollars} from capital markets in April.
Trump adopted up the put up hours later by asserting an extra 100% tariff on all items from China, which is ready to take impact on November 1, 2025, or earlier.
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