Zcash Hits $1,000 as Short Sellers Lose $34 Million | CoinDesk Daily

**Jennifer Sanasie** (0:00)
Zcash rips to $1,000 as short sellers get squeezed, and the IMF clears up how El Salvador keeps stacking Bitcoin. This is CoinDesk Daily.
Want trusted crypto research? Check out The Stack, Grayscale's blog. Visit grayscale.com/thestack.
RealFi, a smarter stable coin backed by real world assets. Join the testnet now at realfi.co. Zcash surged around 20% to trade near $1,000, extending a rally that nearly doubled the privacy coin's price in a month. The move caught bears off guard. About $34.5 million in short positions were liquidated in 24 hours. Another driver is the launch of Grayscale's spot Zcash ETF that began trading in late August. The IMF confirmed El Salvador did not use public money to buy Bitcoin after the first review of its loan program. Documents from Salvadoran authorities show the Bitcoin added since then came from private donations. That explains how the country's stash keeps growing even after the IMF told it to freeze public sector purchases. El Salvador's official tracker now sits above 7,760 Bitcoin, still climbing by one Bitcoin a day. The IMF didn't name the donors. And South Korea's financial regulators laid out a plan to tokenize traditional securities like stocks, bonds and funds for stablecoin settlement. The rollout starts in February 2027 and expands security token offerings beyond today's fractional products with the ultimate goal of a fully digital capital market. It put South Korea alongside Japan and Singapore in the race to bring tokenization to mainstream finance. Get more updates on coindesk.com Want trusted crypto research? Check out the Stacks, Grayscale's blog. Visit grayscale.com/thestack.
RealFi, a smarter stablecoin backed by real world assets. Join the testnet now at realfi.co