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

BREAKING: $ZEC surges 23% as bitcoin and major tokens push higher, shrugging off the Federal Reserve's first rate hike since 2023.

Zcash just jumped 23 percent, on the day the Fed raised rates.

Let me say that again, because it's backwards. The Federal Reserve delivered its first hike since 2023, the kind of news that usually sends risk assets running for cover, and crypto shrugged. Bitcoin pushed higher, the major tokens followed, and privacy coin Zcash led the whole board, up nearly a quarter in a day. You can see the move here.

Higher rates are supposed to make money expensive and speculative assets ugly. Somebody forgot to tell the buyers. Either the market decided this hike was already priced in, or crypto traders have simply stopped listening to the building behind me, so to speak, the one on Constitution Avenue.

A privacy coin outrunning bitcoin on a rate hike day. That's not a rally, that's a statement.

This is Sara White, reporting for HIT.