Zcash surges 23% as Fed hike fails to dent crypto rally

Zcash surges — The price of Zcash surged 23% overnight, leading a crypto market rebound that saw bitcoin hold above $76,000 despite the Federal Reserve announcing its first interest rate hike since 2023.

ZEC climbed to around $1,369, significantly outperforming major tokens. Bitcoin traded near $76,258, posting a modest gain of less than 1%, while other digital assets also advanced. The move occurred alongside a recovery in global equity markets following the Fed’s policy announcement.

Market observers noted the quarter-point increase was widely anticipated and not viewed as the start of a new aggressive tightening cycle. Investor sentiment appeared resilient, with crypto assets demonstrating strength in the face of traditional monetary tightening.

The rally in Zcash coincided with a statement from Paradigm co-founder Matt Huang, who disclosed the investment firm’s ownership of ZEC and described the privacy token as “a private complement to Bitcoin.”