Bitcoin traded at approximately $80,484 during Asian morning hours, gaining 5.7% over 24 hours, according to CoinGecko data. The move followed a sharp reversal from Wednesday's early trading, when BTC briefly dropped toward $75,700 before buyers returned.
Major Cryptocurrencies Extend Their Gains
Other leading cryptocurrencies also advanced. Ether rose 8% to approximately $2,425, while XRP gained 4.7% to $1.31. Solana climbed 5.9% to $96, and BNB added 4.2% to trade near $715.
Zcash outperformed the broader market, rising 11.7% to around $1,318. Approximately $1.2 billion worth of the cryptocurrency changed hands during the preceding 24 hours. Its network supports encrypted transactions designed to conceal the sender, recipient and payment amount.
The recovery came after an initial wave of selling as election results emerged. Bitcoin's subsequent rebound tracked gains across traditional financial markets, according to market observers.
Oil Prices and Equities Support Bitcoin's Recovery
Jeff Mei, chief operating officer at crypto exchange BTSE, told CoinDesk that Bitcoin had recovered alongside stocks as investors became more optimistic about the prospects for an end to the Iran conflict and a decline in elevated oil prices.
Brent crude fell more than 8% on Wednesday as investors anticipated that Democratic control of Congress could increase political pressure to end the Middle East conflict. Lower energy prices could help ease inflationary pressures and reduce operating costs for businesses.
U.S. equities advanced during the session, with the S&P 500 gaining 1.6%, while the U.S. dollar weakened. The combination of improving risk sentiment and lower oil prices coincided with the recovery in cryptocurrency markets.
However, trading across Asia was mixed. Samsung Electronics and SK Hynix shares fell more than 6% on Thursday as investors considered the possibility of tighter scrutiny of data centers. Chinese internet companies moved in the opposite direction, with Tencent and Alibaba both gaining more than 5%.
U.S. Election Outcome Raises Questions Over Crypto Legislation
Despite the market recovery, Mei warned that the election outcome could create additional obstacles for the U.S. cryptocurrency industry's legislative priorities.
"The CLARITY act in its current form is unlikely to pass, and interest rate cuts are still unlikely to occur," Mei told CoinDesk. The proposed legislation is intended to establish a regulatory framework defining how cryptocurrency markets are overseen in the United States.
His comments point to uncertainty over the industry's regulatory outlook, even as digital assets benefited from the broader market rebound.
Zcash Community Raises Privacy Concerns Ahead of NU7 Upgrade
Zcash's rally also comes as members of its community consider how the incoming Congress could approach financial privacy. A policy memo published on the Zcash forum Wednesday warned that privacy-focused financial tools and illicit finance could face increased scrutiny under the new Congress.
The memo argued that private payments should be considered in the context of consumer safety, business confidentiality and civil liberties.
Meanwhile, Zcash is approaching its next network upgrade, known as NU7, which is expected around Friday. The upgrade will reduce the target interval between blocks from 75 seconds to 25 seconds. Blocks are batches of transactions added to the blockchain.
Bitcoin's move above $80,000 and Zcash's double-digit advance mark a recovery from the initial post-election selloff. However, uncertainty surrounding U.S. crypto legislation and broader economic conditions remains part of the market outlook.
source: coindesk
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.
