Bitcoin rebounds above $80,000 as Zcash gains 11.7%
Bitcoin climbed 5.7% to $80,484 and Zcash rose 11.7% to $1,318 on Nov. 5 as traders weighed election results, market relief and a pending Zcash upgrade.
The Blockheight Editors··2 min read
Bitcoin rose 5.7% to about $80,484 and Zcash gained 11.7% to roughly $1,318 during Asian trading on Thursday, Nov. 5, as crypto markets recovered after Democrats won both houses of Congress, according to CoinDesk’s market report. The rebound followed an election-linked selloff and lifted several major tokens.
What helped Bitcoin recover above $80,000?
Bitcoin briefly fell toward $75,700 early Wednesday as election results came in, then recovered, CoinDesk reported. BTSE chief operating officer Jeff Mei told the publication that the market saw the Iran conflict and high oil prices as more likely to ease; Brent crude fell more than 8% on Wednesday, U.S. stocks rallied and the dollar weakened.
Ether rose 8% to about $2,425, while XRP gained 4.7% to $1.31 and Solana rose 5.9% to $96, according to CoinGecko data cited by CoinDesk. Those moves came as traders also considered whether the election outcome could slow U.S. crypto legislation.
Why did Zcash rise faster than Bitcoin?
Zcash traded at about $1,318, up 11.7% in 24 hours, with $1.2 billion changing hands over the prior day, CoinDesk reported. The privacy-focused network’s next upgrade, NU7, was expected around Friday and is designed to shorten target block times from 75 seconds to 25 seconds.
That change could reduce confirmation waits: CoinDesk said an exchange requiring three confirmations would see the expected wait fall from nearly four minutes to about 75 seconds if it kept the same requirement.
What comes next for crypto markets?
Mei said the CLARITY Act in its current form was unlikely to pass, and advised watching for proposed amendments and crypto-related congressional investigations. CoinDesk also reported that a Zcash community policy memo warned financial privacy and illicit finance could face greater scrutiny under the incoming Congress.
NU7 was expected around Friday, while the new Democratic majorities were due to take office Jan. 3, CoinDesk reported. Whether Bitcoin can hold above $80,000, or the rally will persist as legislative plans develop, remained unclear.
Source material
- CoinDesk’s market report — coindesk.com