Bitcoin holds steady at $76,300 following the Fed's rate hike, while Zcash rallies 23% on institutional backing from Paradigm, contrasting with broader market caution and regulatory headwinds for altcoins like XRP.
Zcash jumped as much as 23% to a multi-year high after Paradigm disclosed a ZEC position, extending its massive monthly and yearly gains.
Bitcoin held near $76,300 after the Fed's 25bp rate hike, showing a muted reaction despite higher rates being a structural headwind.
Oil pushed above $100 per barrel amid the conflict between Israel and Iran.
S&P 500 slid 0.4% to 0.5% after the Fed's hawkish rate hike.
The 10-year Treasury yield topped 5%, a level not seen since 2007, before easing slightly on Thursday.
The Dow sank about 1.2% on Wednesday following the Fed's rate increase.
XRP was up 2% on the day but down more than 6% for the week after the Clarity Act failed its Senate cloture vote.
Solana rose 3.3% to just above $100 but remains pressured by the failed Senate vote on the Clarity Act that would have provided regulatory clarity.
The article notes a hawkish Fed hike tends to strengthen the dollar, implying a bullish dollar bias.
BNB gained 2% to near $724, showing modest strength among top cryptocurrencies.
Gold is cited as a non-yielding asset that faces headwinds from higher rates and a stronger dollar.
Bitcoin remains stable near $76,300 despite the Federal Reserve's 25-basis-point rate hike. While broader equity markets experienced volatility, Zcash emerged as a standout performer, rallying 23% to multi-year highs after Paradigm disclosed a significant position in the privacy-focused token.
The Dow Jones Industrial Average fell 1.2% and the S&P 500 slid between 0.4% and 0.5% on Wednesday as investors processed the hawkish move and rising Treasury yields.
Zcash saw a significant rally after Paradigm co-founder Matt Huang disclosed a position in the token, highlighting its role as a private complement to Bitcoin amid growing cyber security concerns.