Zcash was the standout in Thursday’s Asian-morning rebound. ZEC rose 11.7% to about $1,318 on roughly $1.2 billion of trading volume over the previous day, ahead of the NU7 network upgrade expected around Friday, CoinDesk reported. Bitcoin gained 5.7% to about $80,484, according to CoinGecko, after briefly falling toward $75,700 early on Wednesday.
Other large tokens also rose. Ether climbed 8% to about $2,425, XRP gained 4.7% to $1.31, Solana added 5.9% to $96 and BNB rose 4.2% to about $715. Beyond crypto, Brent crude fell more than 8% on Wednesday while the S&P 500 gained 1.6%. In Asian equities, Samsung and SK Hynix dropped more than 6% on scrutiny of data-center spending, while Tencent and Alibaba rose more than 5%.
Politics still hangs over privacy coins. A Zcash community policy memo warned that financial privacy could face more scrutiny in the new Congress, where Democratic majorities take office on January 3.
BTSE chief operating officer Jeff Mei said “the market believes that the Iran conflict and high oil prices are more likely to come to an end,” and added that the CLARITY Act “is unlikely to pass” in its current form. His comments summarize the two forces moving crypto this week: relief over lower oil and election clarity on one side, and a harder legislative path in Washington on the other.
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