Zcash (ZEC) has surged by more than 45% in the past 24 hours.
The cryptocurrency’s price jumped from approximately $589 to $851 before pulling back slightly. At its peak, ZEC rose to approximately $850 — its highest level since 2018.
One factor drawing attention to ZEC is Grayscale’s filing to launch a spot ETF that would directly track Zcash. The application is currently under review by the SEC.
Zcash is a privacy-focused cryptocurrency. It supports both regular and shielded transactions, using zk-SNARKs technology to conceal key transaction details.
💥 Increased Buyback Volume: The U.S. Department of Treasury announced an expansion of its long-term Treasury debt buyback operations to increase market liquidity. 👀 Liquidity Support: The measures were implemented to stabilize and provide greater liquidity in the long-term government bond sector. 💰 Yield Reaction: Following this announcement, the yields on U.S. government bonds notably decreased. 🪙 Impact on the Crypto Market: The drop in bond yields and a weaker dollar boosted investor appetite for risk assets, triggering a sharp surge in Bitcoin toward $70,000 alongside significant short liquidations.