CoinDesk
Bitcoin held above $80,000 as Zcash rose 12% in a post-election crypto rebound. The move came as broader markets rallied: the S&P 500 gained 1.6%, Brent crude fell more than 8%, and the dollar weakened.
Why it matters
The election outlook may complicate crypto’s legislative path. Mei said the CLARITY Act, which would establish rules for U.S. cryptocurrency markets, is unlikely to pass in its current form, and interest rate cuts remain unlikely.
A Zcash community policy memo also warned that financial privacy and illicit finance could face greater scrutiny under the incoming Congress. It made the case for private payments on consumer safety, business confidentiality and civil liberties grounds.
Market impact
Zcash’s rally arrives ahead of NU7, its next network upgrade, expected around Friday. The upgrade is set to reduce the target time between blocks from 75 seconds to 25. Bitcoin’s hold above $80,000 and Zcash’s gain put crypto among the assets rebounding as investors reassessed the post-election outlook.
Frequently asked questions
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What did Mei say about the CLARITY Act?
Mei said the bill is unlikely to pass in its current form. The CLARITY Act would establish rules for U.S. cryptocurrency markets.
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What change is planned in Zcash’s NU7 upgrade?
NU7 is set to cut the target time between blocks from 75 seconds to 25 seconds.
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When is Zcash’s NU7 upgrade expected?
The next Zcash network upgrade, NU7, is expected around Friday.
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What concerns did the Zcash community memo raise?
The memo warned that financial privacy and illicit finance could face greater scrutiny under the incoming Congress.
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How did broader markets move alongside the crypto rebound?
The S&P 500 gained 1.6%, Brent crude fell more than 8%, and the dollar weakened.
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