CMC News

$ZEC Recovers While Most Cryptos Still Hurting

Privacy coin $ZEC has bounced all the way back from Friday's brutal 45% drop and even hit a new high, while major cryptocurrencies like Ethereum are still down over 20%.

Zcash crashed from about $273 to $150 on Friday after President Trump announced 100% tariffs on Chinese products. His statement sparked a historic market meltdown that wiped out $20 billion in hours.

By Saturday, $ZEC had climbed back up to hit $291 before settling around $273. That puts it only 5.5% below its recent peak, which is impressive considering how badly everything else performed.

Compare that to $ETH, which remains down roughly 22% from its all-time high of $4,957. Most cryptocurrencies are still nursing significant losses, while Zcash has already made a full comeback.

The #privacy coin was already on fire before the crash hit. It started October at just $74 and rocketed almost 4x to reach $291 by Saturday, making it one of the month's biggest gainers across the entire crypto market.

#Trump's Friday posts seem to have destroyed markets after he called China's new rare earth mineral export limits “hostile” and claimed they'd mess up global trade. #China controls over 90% of the world's rare earth supplies used in batteries, chips, electronics, and military equipment, according to Reuters.

In his first message, the U.S. president expressed anger about the export restrictions and said he wouldn't bother meeting President #Xi at the APEC summit in Seoul on Oct. 31. That statement alone spooked investors before the actual tariff announcement made things much worse.

Hours later came the bombshell about 100% tariffs on all Chinese imports starting Nov. 1, 2025, or earlier. Within minutes, stocks and #cryptocurrencies tanked everywhere as billions disappeared from global markets.

What followed became the largest single-day liquidation in crypto history, leaving traders shell-shocked and questioning whether markets could stabilize.