Zcash jumps 23% as bitcoin and major tokens rise despite Fed’s first hike since 2023
Zcash prices surged 23% following an endorsement from a prominent crypto investor, even as broader markets reacted to the Federal Reserve's interest rate hike. Analysts suggest the market had already priced in the rate increase, leading to a rebound in major digital assets.
Why it matters
The resilience of crypto assets in the face of tighter monetary policy indicates shifting investor sentiment toward speculative assets as hedges or complements to traditional finance.
ZEC traded near $1,369, while bitcoin edged up less than 1% to about $76,258. Solana gained nearly 3% to just below $100. BNB and HYPE, the token of crypto trading platform Hyperliquid, added more than 2%, while ether, XRP and dogecoin rose between 1% and 2%.
ZEC’s surge coincided with comments from Matt Huang, co-founder of prominent crypto investment firm Paradigm, who discussed its role as a privacy complement to bitcoin and disclosed that his firm owns ZEC, per an X post .
Zcash lets users send money without publicly revealing who paid whom or how much. Its holders recently backed proposals to make payments faster while keeping scheduled cuts to the creation of new coins, a feature it shares with bitcoin.
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