Fed Rate Hike Sparks Limited Reaction from Bitcoin, Zcash Surges

The US Federal Reserve raised its key rate by 25 basis points to a range of 3.75% to 4%, in a move that was widely anticipated.

The decision, made by the 12-member Federal Open Market Committee, had a limited impact on the cryptocurrency market, with Bitcoin remaining stable around $76,300 despite the return of monetary tightening.

Zcash, however, showed significant growth, jumping 23% to nearly $1,425, a multi-year high. This rise follows the revelation by Matt Huang, co-founder of Paradigm, that the company holds ZEC and has invested in its development fund.

The crypto market reached a total capitalization of $2.63 trillion, while the fear and greed index returned to the neutral zone at 50.