Today in crypto, Zcash recovers to pre-crash highs, Crypto.com CEO Kris Marszalek has urged regulators to probe exchanges after $20 billion in liquidations, and Bitcoin’s price may experience more volatility in the coming days.
Zcash reclaims pre-crash highs
The price of Zcash (ZEC) recovered to pre-crash highs and hit a new high of about $293 on Saturday, following a rapid flash crash on Friday that caused $20 billion in crypto liquidations within 24 hours.
Zcash is trading at about $293 per coin at the time of this writing, after plummeting by 45% on Friday; the price recovery sets it apart from most of the altcoin market, which suffered double-digit losses that extended into Saturday.
Altcoins shed as much as 95% of their value on Friday, following a statement from US President Donald Trump announcing increased tariffs on China.
The crash represents the most rapid and severe crypto liquidation event in the history of the sector and is a reminder of the risks of leveraged trading.
Crypto.com CEO calls for probe into exchanges after $20B liquidations
Crypto.com CEO Kris Marszalek has called for a regulatory investigation into exchanges that suffered the largest losses following a record $20 billion in crypto liquidations over the past 24 hours.
In a Saturday post on X, Marszalek urged regulators to “conduct a thorough review of fairness of practices,” asking whether trading platforms had slowed down, mispriced assets, or failed to maintain proper anti-manipulation and compliance controls during the crash.
“Regulators should look into the exchanges that had most liquidations in the last 24 hours,” he wrote. “Any of them slowing down to a halt, effectively not allowing people to trade? Were all trades priced correctly and in line with indexes?”
Data from CoinGlass shows that Hyperliquid led all exchanges in liquidations, recording $10.31 billion in wiped-out positions. It was followed by Bybit with $4.65 billion, and Binance with $2.41 billion. Other major platforms like OKX, HTX and Gate saw smaller totals, at $1.21 billion, $362.5 million and $264.5 million, respectively.
Bitcoin may get ‘dragged around a bit’ amid Trump tariff fears: Exec
Swan Bitcoin CEO Cory Klippsten said Bitcoin’s price volatility may not be over after the cryptocurrency briefly fell to $102,000 on Friday, following US President Donald Trump’s announcement of a 100% tariff on Chinese imports.
“If the broader risk-off mood holds, Bitcoin can get dragged around a bit before it finds support and starts to decouple again,” Klippsten told Cointelegraph on Friday.
Klippsten said that Bitcoiners should expect some turbulence over the coming days. “Macro-driven dips like this usually wash out leveraged traders and weak hands, then reset positioning for the next leg up,” Klippsten said.
Over the past 24 hours, around $2.19 billion in Bitcoin long positions have been liquidated, contributing to a total of $8.02 billion in long liquidations across the broader crypto market, according to CoinGlass.
