Zcash ETF Boosts Markets as BTC Struggles Below $79K
The launch of Grayscale's Zcash ETF has contributed to stabilizing the markets, despite Bitcoin dropping below $79K. The ETF, which offers spot exposure to Zcash through a standard brokerage account, has gained significant traction since its debut on NYSE Arca on August 25.
Bitcoin last traded at $78,900, up +0.5% today (September 9), after tumbling to lows near $77,600 in the prior session. However, the rebound came as renewed interest in crypto exchange-traded products helped stabilize sentiment across crypto markets.
The Zcash ETF has surpassed $500M in assets just two weeks after its launch, coinciding with Bitcoin's rebound from $77,600. Despite this, traders are increasingly betting on a Fed rate hike at its September 15-16 meeting, spurred by strong employment data and inflation concerns.