Bitcoin Soars to $79.5k on Zcash ETF Inflows Amid Fed Rate Hike Uncertainty

Bitcoin's price surged to $79.5k on Wednesday, rebounding from earlier losses amid inflows into Zcash ETFs.

The world's largest cryptocurrency had dipped as low as $78,255.1 before bouncing back, with some analysts attributing the gains to the influx of capital into the Zcash ETF.

However, market participants are keeping a close eye on U.S. monetary policy following last week's blockbuster August jobs report, which led to a sharp recalibration in Federal Reserve rate hike expectations.

Iliya Kalchev, analyst at Nexo Dispatch, noted that open interest has ticked back up even as price drifts lower and spot selling continues, a combination that more often signals fresh short positioning than renewed conviction buying.