Zcash Surge Puts Garrett Jin’s Short Position Deep in Loss
- Garrett Jin’s short position of 32,760 ZEC opened at $444 is now $25.7 million underwater.
- ZEC has surged to $1,249 in the past day, marking a rise of 134% over the last month.
- The market cap of ZEC has reached approximately $20 billion, ranking it ninth overall.
- Jin previously made $11.24 million from shorting ZEC in June before re-entering his current position in July.
- Open interest for ZEC hit a record $2.4 billion, with shorts liquidated as prices surpassed $1,000.
Zcash’s recent price surge has significantly impacted traders like Garrett Jin, whose short positions are facing substantial losses as the asset continues to climb in value and market cap. The increase in open interest and liquidations highlights the volatility and risk associated with trading this cryptocurrency.
As Zcash maintains its upward trajectory, traders like Jin face mounting losses with each price increase beyond their entry points, underscoring the challenges of shorting volatile assets like ZEC. (Source)
