The value of Zcash (ZEC), a privacy-focused, supply-limited, layer-1 cryptocurrency, fully rebounded after Friday’s market collapse, reaching a new recent peak of around $291 on Saturday before retreating to approximately $273 at the time of this writing.
Zcash experienced a sharp decline of 45% on Friday, dropping from about $273 to $150, triggered by a social media announcement from U.S. President Donald Trump regarding 100% tariffs on China, which led to a significant downturn in the crypto markets.
ZEC is now only about 5.5% off its recent high, distinguishing itself during this market retracement. In contrast, many cryptocurrencies continue to show double-digit declines from their recent highs, including Ether (ETH), which is down about 22% from its recent peak and all-time high of $4,957.
Prior to the market drop, ZEC experienced a remarkable surge, increasing from $74 on October 1 to $291 on Saturday — an impressive rise of nearly 4x in less than two weeks.
The cryptocurrency market encountered its most intense liquidation event on Friday following Trump’s tariff declaration, resulting in $20 billion in liquidations within hours, leaving many traders disillusioned with the markets.
Related: Bitcoin may face volatility amid Trump tariff concerns: Executive
U.S. President Donald Trump disrupts markets with just two social media posts
Trump caused market disruptions with merely two posts on social media on Friday, indicating that the global trade war has reignited.
In his first post, he described the Chinese government’s expanded export controls on rare earth minerals—which are essential for tech manufacturing and industrial processes—as “very hostile,” predicting they would “clog” global trade.
As reported by Reuters, over 90% of the world’s rare earth minerals and magnets used in electric batteries, computer chips, consumer electronics, and military defense systems originate from China.
Trump noted, “I was supposed to meet President Xi in two weeks at APEC in South Korea, but now there seems to be no reason to proceed,” raising concerns about the possibility of rekindling a prolonged trade war. Similar fears led to the loss of trillions of dollars in capital markets last April.
He later followed up with another announcement of an additional 100% tariff on all goods from China, set to take effect on November 1, 2025, or possibly sooner.
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