Zcash Defies Downtrend as Majors Slide Ahead of Fed Rate Decision

Zcash has bucked the trend as major cryptocurrencies fell on Wednesday, climbing nearly 6% to just over $1,200. The failure of the CLARITY Act in the U.S. Senate may have contributed to this divergence.

The bill aimed to establish which agency would regulate digital assets, and its defeat has left the industry with uncertainty.

CoinDesk analysts warn that while a quarter-point hike in interest rates by the Fed is already priced in, the size of the move matters less than the subsequent change in long-term Treasury yields. Bitunix notes that markets are pricing U.S. inflation and fiscal risk separately from anything the Fed does next.