Binance market data showed the sharp 24-hour decline, while CoinGlass recorded roughly $70.55 million in long liquidations as leveraged bullish bets were wiped out.
ZEC fell 48.4% over the past 24 hours to trade at $272.79, based on Binance market data. The steep move triggered $81.91 million in liquidations during the same period, with about $70.55 million coming from long liquidations, CoinGlass data showed. Heavy long liquidations typically indicate that traders betting on further gains were forced out as prices dropped, a dynamic that can intensify volatility in crypto markets.