Home›Crypto›Market Structure›Bitcoin bounces near $79,000 as Zcash jumps on ETF inf…

Bitcoin bounces near $79,000 as Zcash jumps on ETF inflows

Zcash rose above $1,180 after Grayscale said its newly listed ZCSH ETF surpassed $500 million in assets and pulled about 3% of the token’s circulating supply from the market.

Reported · Written up by our desk · Market Structure

Bitcoin briefly slipped below $78,000 before rebounding toward $79,000, leaving it little changed over 24 hours as traders focused on upcoming inflation data and the Federal Reserve’s Sept. 15 to 16 rate decision, according to CoinDesk. The dip reached $77,666 before buyers lifted the price to nearly $78,900 in Asian morning hours.

CoinDesk said the day’s relative strength tilted toward Zcash after Grayscale reported its Zcash ETF, trading under ZCSH on NYSE Arca, surpassed $500 million in assets two weeks after listing. The ETF accumulated more than $70 million in cumulative inflows since its Aug. 25 debut, and Grayscale tied the fund’s growth to demand for privacy-focused digital assets.

CoinDesk added that the ZCSH fund now holds more than 550,000 ZEC, roughly 3% of Zcash’s 16.9 million circulating supply, with ZEC trading past $1,180, up more than 4% on the day. Other major tokens were mixed, with BNB up about 2% to around $755, XRP up about 1% to $1.42, and Ether steady near $2,490.

The broader crypto market value was about $2.8 trillion, CoinDesk reported. It also pointed to higher Treasury yields linked to rising oil and gold prices, noting Brent crude pushed toward $100 a barrel amid strikes near Kharg Island and retaliation, while gold held near $4,407 an ounce.

Latest closeGold $4,157.80 ▲0.4%|WTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%

More like this

Sources