Zcash Drops 11% in the Past 24 Hours, $17.9 Million in Long Positions Liquidated

Odaily reports that privacy cryptocurrency Zcash has fallen 11% in the past 24 hours, with a market cap of $18.5 billion, making it one of the biggest decliners among crypto assets on the day. CoinShares senior researcher Luke Nolan said that the earlier rapid rally led to accumulated leverage, which amplified this pullback.

CoinGlass data shows that Zcash long liquidations over the past 24 hours reached $17.9 million, higher than Hyperliquid's $7.3 million over the same period. Luke Nolan noted that Zcash is still up 460% from its March low, and this decline may be a correction after a substantial rally.

Dialectic founder and head of investments Ryan Zurrer said that progress in OpenAI's mathematical research has sparked concerns across the crypto industry about AI cracking cryptography, and privacy protocols may suffer greater losses. Ethereum co-founder Vitalik Buterin and Ethereum Foundation researcher Justin Drake previously warned that the industry needs to prepare for "fortress mode."

Zcash full node developer Zakura said the team expects to achieve quantum resistance with a certain degree of AI resistance by January. HashKey senior researcher Tim Sun said that Zcash's quantum resistance roadmap had been a catalyst for the recent rally, but actual implementation still requires time. (Decrypt)