Crypto markets continue to struggle on the back of the FOMC meeting this past Wednesday. Fed Chair Powell’s comment of no guarantee of cuts in December has had markets reeling, with Bitcoin beginning to recover today, trading above its 200 day SMA at around $110,000 at this time of writing. But Bitcoin’s recovery is not as significant as Z-Cash, the crypto story of the moment. More details below.
Macro Factors
The Trump administration continues to soften on China, saying tariffs might be reduced another 10%, a welcome piece of news for all of risk assets. Uptober has not lived up to its name unfortunately, which is an unwelcome sign for Q4 of 2025 for bulls. The market will continue to wait for catalysts to get back to risk-on mode.
Thin weekend liquidity in an uncertain market could help in either direction, but this remains to be seen. Bulls hope for the traditional beginning of November being a good period to hold true.
Z-Cash Outperforming Bitcoin
Z-Cash continues to be one of the outperformers in October. Today it’s up nearly 12%, to $369 per coin and rapidly approaching the $400 level with consistent support and volume. The privacy narrative in crypto has been gaining momentum, as several prominent accounts on Crypto Twitter have been supporting Z-Cash and the importance of privacy.
This is a return to the old cypher-punk ways that crypto began with, a stark departure from the cheering towards Wall Street and traditional adoption of crypto. Z-Cash is getting support from other chains and protocols, hoping to create more liquidity and opportunity for Z-Cash holders to gain yield on their holdings and grow their stack. Z-Cash is one of the only privacy coins that has support from major exchanges, with the likes of Coinbase (Nasdaq: COIN) being a main venue where traders and holders can use Z-Cash in the US.
Coinbase stock is also popping 8% today after an impressive earnings beat. Remember, Coinbase also owns a substantial 14,500+ Bitcoin on it’s balance sheet, worth roughly 7% of the company based on Q3 earnings. The modest recovery in Bitcoin’s price is only a positive for them.
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