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.
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Summary
- Zcash surged 23% to about $1,369 as Bitcoin and other major cryptocurrencies advanced alongside global stocks.
- Zcash’s rally coincided with Paradigm co-founder Matt Huang’s disclosure that the investment firm owns ZEC and his description of the token as “a private complement to Bitcoin.”
- The broader market rebounded after the Federal Reserve raised interest rates by a quarter point, a widely expected move that investors viewed as unlikely to begin an aggressive tightening cycle.
