Live updates: Bitcoin edges higher as Nasdaq climbs 1.7% in wake of Fed rate hike — SkimNews
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- Zcash surged more than 17% to nearly $1,358 in Asian morning hours Thursday, far outpacing every other major cryptocurrency.
- The Federal Reserve raised its target range by a quarter point to 375-400 basis points on Wednesday — its first hike of the cycle — with markets having priced the move at roughly 69% going in.
- Bitcoin climbed 1% to just above $76,400 and barely moved on the Fed's decision, having already "overreacted negatively" to the CLARITY Act failing in the Senate earlier this week, according to FxPro chief market analyst Alex Kuptsikevich.
- Some 86,816 traders were liquidated over 24 hours for a combined $345 million, with shorts absorbing $208 million of that pain versus $137 million for longs.
- Ether led the liquidation tally at nearly $89 million, followed by bitcoin at $85 million and zcash at $56 million.
- Zcash produced $56 million in liquidations on a market capitalization of just $23 billion, while the largest single order was an $18 million bitcoin position force-closed on Hyperliquid.
Why it matters: Zcash's $56 million in liquidations on a $23 billion market cap signals leverage concentrations well above the broader market, and bitcoin's flat reaction to the Fed's first hike of the cycle confirms the move was already priced in — limiting downside but also capping any fresh catalyst for a rally.
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