Zcash (ZEC) surged 8.79% over 24 hours to 1,614 USDT on Binance spot as of Sept. 25, rising from 1,542 USDT four hours earlier. The move coincided with $2.37 million in short liquidations across Binance, Bybit and OKX, while no long liquidations were reported. Short liquidations occur when leveraged bearish positions are forcibly closed as prices rise.