Bitcoin holds $83,000 as Zcash drops 12% amid oil surge

  • Bitcoin held near $83,000 after falling roughly 1.7% on September 28.
  • Zcash dropped about 12% after rising more than 2,000% from earlier lows.
  • Grayscale launched a spot Zcash ETF, while futures liquidations exceeded $1 million.

Bitcoin fell roughly 1.7% to around $83,000 on September 28 but remained well above its mid-August lows of approximately $75,000 to $77,000. Zcash dropped about 12% in one session after rallying more than 2,000% from earlier lows near $50 to an all-time high above $1,485 earlier in September; some intraday prices reportedly approached $1,680. Brent crude rose more than 3% above $100 per barrel as tensions involving Iran lifted energy prices, while the Federal Reserve had raised its target rate by 25 basis points on September 16 to a 3.75% to 4% range. Paradigm described ZEC as a private complement to Bitcoin, and Grayscale launched a spot Zcash ETF, providing institutional investors with a regulated route into the privacy coin for the first time. Futures liquidations exceeded $1 million as ZEC fell from around $1,592 to $1,551. Bitcoin’s resilience is linked in part to spot ETFs, corporate treasury allocations and sovereign-level interest that have expanded its institutional buyer base.

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