The price of Zcash (ZEC), a supply-capped, shielded layer-1 coin focused on user privacy, has fully rebounded after Friday’s market crash, hitting a recent peak of approximately $291 on Saturday before retracing to around $273 at the time of writing.
On Friday, Zcash saw a drastic decline of 45%, plummeting from about $273 to $150, following a social media announcement by U.S. President Donald Trump regarding 100% tariffs on China, which led to turmoil in the crypto markets.
ZEC is currently down only about 5.5% from its recent high, making it a notable exception in this market downturn. Many cryptocurrencies continue to struggle, with double-digit declines from their recent peaks, including Ether (ETH), which is down approximately 22% from its all-time high of $4,957.
Prior to the market decline, ZEC had a remarkable price surge, rising from $74 on October 1 to $291 on Saturday — an almost 4x increase in less than two weeks.
The crypto market faced one of its most severe liquidation events in history on Friday after Trump’s tariff announcement, resulting in $20 billion in liquidations within hours of his post, leaving many traders disillusioned with the market.
Related: Bitcoin may face volatility amid Trump tariff concerns: Executive
US President Donald Trump triggers market chaos with just two social media posts
Trump triggered market instability with only two social media messages on Friday, indicating that the global trade war is reigniting.
In his first post, he characterized the Chinese government’s enhanced export controls on rare earth minerals, vital for tech manufacturing and industrial equipment used in mineral refining, as “very hostile” and predicted they would “clog” global trade.
According to Reuters, over 90% of the world’s rare earth minerals and magnets used in electric batteries, computer chips, consumer electronics, and military defense systems are sourced from China.
“I was scheduled to meet President Xi in two weeks at APEC in South Korea, but now it seems there’s no reason to do so,” Trump wrote, igniting fears of a prolonged trade war. These same concerns had led to a loss of trillions of dollars in capital markets in April.
Hours later, Trump announced an additional 100% tariff on all goods from China, which is expected to take effect on November 1, 2025, or sooner.
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