Zcash jumps 8.5% as bitcoin tags $83,000 on strong earnings

Crypto markets bounced on Tuesday, with privacy coin Zcash leading the way: ZEC rose 8.5% in 24 hours to $1,215.85, lifting its market value to $20.57 billion, Decrypt reported. Bitcoin gained 1.57% to $83,195 and ether 2.90% to $2,463.35, while total crypto market capitalisation rose 1.68% to $2.78 trillion.

What moved

• Bitcoin rose up to 1.5% after the US open to about $83,300, its highest since Oct. 14, before slipping back toward $82,000, Cointelegraph reported citing TradingView data. The move ran into the 21-day simple moving average near $83,230.
• Liquidations: about $125 million of short positions were wiped out between 14:00 and 15:00 UTC, per CoinGlass, and open interest climbed to $53.86 billion, the most since Oct. 8.
• Stocks: General Motors and 3M beat earnings forecasts. The Dow gained 1.2%, the S&P 500 0.6% and the Nasdaq 0.5% at the time of Cointelegraph's report.
• Oil: US WTI crude passed $100 a barrel early in the day for the first time since Sept. 17, then dropped below $96 as equities rallied.

Why Zcash outran the market

Decrypt points to three things. ZEC had lost about 25% over the past month, so leveraged longs had already been flushed out and the price had room to rebound. Developers were also due to decide on the NU7 network upgrade on Tuesday, and privacy coins have been strong lately, with Monero up 15.29% over seven days to $609.87. Even after Tuesday's jump, ZEC was up only 1.17% on the week. For background on the project, see our report on Zcash's quantum-private swaps.

What to watch

Money is returning to funds: US spot bitcoin ETFs took in $526.7 million on Monday, their best day in nearly a month. The headwinds are macro: the 10-year US Treasury yield is above 5%, Brent crude has traded near $110, and the Federal Reserve meets on Oct. 27–28. Sentiment is neutral, with the Fear & Greed Index at 51. Weighing a fund against holding coins directly? See bitcoin ETF vs buying bitcoin.