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Crypto

Why bitcoin cannot clear $80,000 as oil surge to $100 adds pressure

Bitcoin erased overnight gains after U.S. stocks opened on Sept. 9, as investors grew cautious ahead of U.S. producer and consumer price data. Major altcoins also fell. Brent crude climbed above $100 a barrel for the first time since July 23, adding pressure on risk assets, while Treasury yields stayed high. Spot bitcoin ETF flows turned negative on Sept. 8. In contrast, Zcash surged on ETF-related developments and the launch of options trading.

Crypto

Zcash hits $1,290, highest since November 2016; 1-year return 2,413%

Zcash (ZEC) rose to $1,290, its highest level since November 2016, blockchain outlet U.Today reported. The token posted a 1-year return of 2,413% and was up 10.55% on the day at $1,282, with weekly gains of 57.23% and a 30-day rise of 154% on CoinGecko data. Large holders bought ZEC, open interest rose to $2.91 billion, and options began trading for a U.S.-listed privacy-asset ETP.

Crypto

Grayscale says Zcash has potential to challenge Bitcoin

Asset manager Grayscale said privacy coin Zcash (ZEC) could have the potential to counter Bitcoin’s network effects. Grayscale Research said in a report released on Aug. 25 that Zcash has room to compete in the cryptocurrency currency segment. The report coincided with the launch of a spot Zcash ETF, as Grayscale converted its Zcash Investment Trust into the ZCSH spot ETF and listed it on NYSE Arca. Grayscale said ZCSH has a 2.5 percent fee.