[DigitalToday reporter Seung-a Yoo] Zcash token ZEC jumped even as the broader cryptocurrency market wobbled after the U.S. Senate failed to pass a digital asset market clarification bill known as the Clarity bill.

On Sept. 16 (local time), blockchain media outlet U.Today reported that ZEC recently traded at about $1,250 and its market value increased to about $21 billion. ZEC moved against the market’s overall decline that day.

After the U.S. Senate failed in a cloture vote needed to move to full deliberation of the Clarity bill, selling pressure rose on bitcoin and major altcoins. Bitcoin later fell to about $76,000, and XRP-related token XRP slid nearly 10 percent despite remarks by Ripple chief legal officer Stuart Alderoty (스투 앨더로티). Ethereum, Solana and Dogecoin also fell about 5 percent each in the initial market reaction.

ZEC was also briefly caught up in selling but then rebounded sharply.

According to CoinGlass data, ZEC futures trading volume over the past 24 hours came to about $7.7 billion. Open interest stood at about $2.61 billion.

Over the same period, liquidated ZEC futures positions totalled about $18.07 million. As ZEC showed sharp price swings, trading also increased significantly in the derivatives market.

Even with the surge on Sept. 16, ZEC was still down about 0.84 percent over the past 7 days. It indicates price volatility has widened after a recent sharp rise.

The rally also coincided with positive news related to NU7, Zcash’s next major network upgrade.

Zcash holders cast overwhelming support for several proposals related to NU7. About 2.4 million ZEC took part in the vote, about two-thirds of the roughly 3.6 million ZEC eligible to vote.

In particular, 99.9 percent of participating tokens backed a plan to cut the target block interval to 25 seconds from 75 seconds. A shorter block interval could reduce the time it takes for a transaction to receive its first confirmation.

Holders also backed a plan to launch NU7 as quickly as possible, with 99.3 percent in favour. The vote alone does not immediately apply network changes, and development, testing and final rollout procedures remain for the actual upgrade.

With major cryptocurrencies weakening after the Clarity bill failed, ZEC showed a different trend as expanding derivatives trading and expectations for the NU7 upgrade combined.