Zcash, Bittensor Lead Crypto Gains as Fed Holds Rates Steady

I. Crypto Market Overview

Key Takeaways

Macro Environment

The Federal Reserve has held rates at a 23-year high amid cooling inflation, supporting short-term stability in risk assets. Major global banks are advancing a joint stablecoin initiative, signaling institutional blockchain adoption. The Bank of North Dakota's planned state-backed stablecoin highlights growing U.S. regulatory experimentation.

Crypto Market

The crypto market showed mixed performance over the past 12 hours. Bitcoin (BTC) fell 0.70% to $121,213, while Ethereum (ETH) dipped 0.57% to $4,325.65, both pressured by profit-taking and muted risk sentiment. Zcash (ZEC) surged 29% to $236.62, Bittensor (TAO) rose 20.9% to $394.16, and Litecoin (LTC) gained 13.2% to $133.65, driven by strong trading volumes and renewed interest in privacy and AI protocols. Altcoins overall saw selective gains, with privacy and AI sectors outperforming.

Today's Outlook

Today, Brazil releases August PPI data and Canada reports September unemployment, both key for global risk sentiment. The federal budget release may influence fiscal policy expectations. Whale.io launches Battlepass Season 3, offering $77,000 in rewards and potentially driving user engagement in the GameFi sector.

Fear and Greed Index

60.00% Annual Percentile

58 Neutral

Total Crypto Market Cap

$4.14T

0.35%

Total Market Trading Volume

$192.94B

1.45%

Altcoin Season Index

25.00%

Quarterly Percentile

52 / 100

Total Futures Market Open Interest

3.35B

4.84%

Futures

1.15T

1.42%

Perpetuals

II. Industry Updates

Macro-economic Policies

The US Bureau of Labor Statistics is recalling staff to ensure the September CPI report is released despite the government shutdown, providing critical inflation data for the Federal Reserve's upcoming policy meeting and impacting crypto market volatility.

The Federal Reserve has maintained its benchmark interest rate at a 23-year high, citing cooling inflation; this pause supports short-term stability in risk assets, including Bitcoin and DEFI, as markets await further economic data.

The US Treasury and Argentina have agreed to a $20 billion currency swap to stabilize the peso, boosting emerging market sentiment and potentially increasing capital flows into crypto assets as investors seek alternatives to volatile fiat currencies.

A consortium of major global banks, including Bank of America and Deutsche Bank, is collaborating on a joint stablecoin initiative, signaling growing institutional adoption of blockchain and stablecoins, which could enhance DeFi liquidity and cross-border settlement efficiency.

The Altcoin Season Index has dropped to 48, reflecting Bitcoin's renewed dominance as macroeconomic uncertainty drives capital toward BTC, impacting altcoin liquidity and trading volumes across the crypto market.

Cryptocurrency Regulatory Trends

The Russian Central Bank now permits select banks to engage in crypto activities under strict compliance, signaling a more open stance and potentially boosting institutional participation.

The European Commission affirmed that current MiCA regulations are sufficient to manage stablecoin risks, maintaining regulatory clarity and supporting investor confidence in the EU crypto market.

A consortium of major global banks, including Deutsche Bank and Citi, is collaborating on a joint stablecoin initiative, highlighting growing institutional adoption and regulatory engagement with digital assets.

The Bank of North Dakota announced plans to launch a state-backed stablecoin, reflecting increasing U.S. state-level regulatory experimentation and potential for broader stablecoin adoption.

The U.S. Treasury and Argentina agreed on a $20 billion currency swap, indirectly supporting digital asset markets by stabilizing emerging market currencies and encouraging cross-border crypto use.

Zcash (ZEC): ZEC surged 29% in 24h to $236.54, driven by a $1.45B trading volume spike and renewed privacy coin interest, making it the top gainer.

Bittensor (TAO): TAO jumped 20.9% in 24h to $394.16, fueled by $330M volume and strong demand for decentralized AI protocols, ranking second among gainers.

Litecoin (LTC): LTC rose 13.2% in 24h to $133.65, with $2.4B in trading volume and increased institutional interest, maintaining its position as a leading altcoin performer.

Smart Money Movements

BlackRock's spot ETFs acquired $255.5 million in Bitcoin and $39.3 million in Ethereum on October 9, reflecting continued institutional accumulation.

Two addresses amassed $37.8 million in Solana long positions on Hyperliquid, with one holding 100,000 SOL at 2x leverage and another 70,000 SOL at 20x leverage.

DeFi Dev Corp purchased 196,141 SOL, increasing its total Solana holdings to 2,027,817 SOL valued at approximately $427 million, as part of its treasury expansion.

BitMine Immersion increased its Ethereum holdings by $103 million, now holding 2.83 million ETH, aiming to secure 5% of global Ethereum supply.

CoreWeave executives sold over $1 billion in stock post-lockup, while Magnetar Financial sold nearly $1.9 billion, marking major institutional capital movements.

Events to Watch

Oct 10 (Fri)

Brazil August PPI data; Canada September unemployment rate; Federal budget release; Whale.io launches Battlepass Season 3 with $77,000 rewards.

Oct 14 (Tue)

Aster (ASTER) Phase 2 airdrop: 320M tokens distributed, 4% of supply, valued at $570M; Airdrop 2.0 claims open.

Oct 15 (Wed)

Federal Reserve Beige Book release, providing key insights into U.S. economic conditions.

Oct 17 (Fri)

ASTER unlock: 183M tokens ($325M) released; Airdrop 2.0 claims deadline; Corazon Mining share capital consolidation trading starts.

Oct 13 (Mon)

Digital Asset Summit 2025 in London; Gitex Global 2025 in Dubai, major focus on digital assets and AI.

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