Zcash jumps 23% as bitcoin and major tokens rise despite Fed’s first hike since 2023

Zcash rallied sharply overnight, with ZEC up about 23% and trading near $1,369, while bitcoin and a range of other major cryptocurrencies also climbed. Bitcoin moved modestly higher, gaining under 1% to about $76,258. Solana was one of the stronger performers among large tokens, rising nearly 3% to just under $100; BNB and HYPE each added more than 2%, and ether, XRP and dogecoin increased by roughly 1%–2%.

Traders linked Zcash’s jump in part to comments from Paradigm co-founder Matt Huang, who disclosed on X that the investment firm holds ZEC and described the token as a privacy-focused complement to bitcoin. Zcash allows users to send funds without publicly disclosing sender, recipient or amounts, and its community recently approved proposals aimed at speeding payments while keeping scheduled reductions in new-coin issuance similar to bitcoin-style halvings.

The crypto advance unfolded alongside a broader market rebound after the Federal Reserve raised its policy rate by 25 basis points to a 3.75%–4.00% range — the Fed’s first hike since 2023. Markets had largely priced in the move, and some participants said the Fed’s guidance suggested policymakers do not expect an aggressively tightening cycle. Equity futures responded positively: S&P 500 futures rose about 0.6%, Nasdaq 100 futures gained about 0.7%, and Asian equities added roughly 0.3%.

Fixed-income indicators also showed a modest easing in short-term rate expectations: the two-year Treasury yield fell two basis points to 4.71% after touching its highest level since 2024 in the prior session. The Fed’s median projection placed the policy rate at 4.1% at the end of both 2026 and 2027, which would be consistent with one additional quarter-point increase this year if that path holds.