Zcash jumps 23% as bitcoin and major tokens rise despite Fed’s first hike since 2023
Bitcoin traded above $76,000 as the Fed projected limited further tightening, while Paradigm’s Matt Huang discussed Zcash’s role as a privacy complement to bitcoin.
Bitcoin rose above $76,000 after the US Federal Reserve raised its benchmark interest rate by 25 basis points to a target range of 3.75% to 4%, a move that was widely anticipated. According to CoinDesk, bitcoin traded at $76,000, while e27 reported a 0.82% 24-hour gain to $76,318.25.
The Fed's decision was unanimous and marked its first rate hike since 2023. The central bank's projections showed limited further tightening, with 16 of 18 officials expecting at least one more hike before the end of the year, as reported by Cointelegraph.
The cryptocurrency market responded positively, with the total market cap increasing by 1%. Ethereum gained 0.80% to $2,418.94. Zcash, meanwhile, jumped 23%, with CoinDesk noting that Paradigm's Matt Huang discussed its role as a privacy complement to bitcoin.
Brief written by urgent.news from CoinDesk, e27, The Mainichi, Cointelegraph — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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