Zcash Soars 35%, Mantle Hits ATH as Fed Rate Cut Bets Boost Crypto

I. Crypto Market Overview

Key Takeaways

Macro Environment

The Federal Reserve is expected to cut rates in late October, boosting risk sentiment and DeFi liquidity. The US SEC is fast-tracking a crypto 'innovation exemption' to encourage domestic blockchain growth. The ongoing US government shutdown delays key economic data, increasing market uncertainty and volatility.

Crypto Market

The crypto market is mixed over the past 12 hours. Bitcoin (BTC) is up 0.5% at $122,632, while Ethereum (ETH) is nearly flat at $4,488.69. Zcash (ZEC) surged 35.2% to $174.75 on renewed privacy coin interest. Mantle (MNT) jumped 21.3% to $2.82 after BitDAO migration. Pudgy Penguins (PENGU) rose 5% to $0.0322, driven by Solana meme coin activity. Solana (SOL) gained 2.5% to $227.43, while Chainlink (LINK) advanced 1.6% to $22.43, both supported by ecosystem growth and strong DeFi development metrics.

Today's Outlook

Fed Chair Powell will deliver a speech on interest rate outlook, potentially impacting global risk assets. The North American Blockchain Summit opens in Dallas, gathering major blockchain builders and investors. xMoney (XMN) will hold its Token Generation Event, introducing a new payment token in the finance sector.

Fear and Greed Index

44.00% Annual Percentile

55 Neutral

Total Crypto Market Cap

$4.21T

0.80%

Total Market Trading Volume

$189.90B

19.23%

Altcoin Season Index

0.00%

Quarterly Percentile

54 / 100

Total Futures Market Open Interest

3.52B

1.08%

Futures

1.12T

2.45%

Perpetuals

II. Industry Updates

Macro-economic Policies

The Federal Reserve is widely expected to cut interest rates at its late-October meeting, with market odds at 94.6%. This anticipated monetary easing is boosting altcoin market sentiment and could increase DeFi liquidity and blockchain adoption.

The ongoing U.S. government shutdown has delayed key economic data releases, complicating Fed policy decisions and increasing market uncertainty. This data blackout may heighten volatility in BTC and DeFi markets due to reduced macro visibility.

Recent Fed minutes reveal a strong consensus for further rate cuts in 2025, driven by labor market weakness. Lower rates are expected to support risk assets, potentially fueling capital inflows into crypto and NFT markets.

The Reserve Bank of New Zealand surprised markets with a 50bps rate cut, signaling further easing if needed to control inflation. This dovish stance may encourage global risk-taking and support crypto asset prices in the Asia-Pacific region.

The U.S. Treasury is reportedly discussing a Bitcoin reserve strategy, reflecting digital assets' growing role in fiscal planning. This could enhance BTC's macro legitimacy and drive institutional interest in crypto markets.

Cryptocurrency Regulatory Trends

The U.S. SEC is prioritizing the formalization of an 'innovation exemption' for crypto firms by late 2025, aiming to provide regulatory clarity and encourage domestic blockchain development, which could boost institutional confidence.

The Bank of England is set to allow stablecoin holding exemptions for crypto firms, softening its initial cap proposal after industry pushback; this move is expected to support UK crypto market growth and align with U.S. GENIUS Act standards.

Buenos Aires has imposed a 6% gross income tax on crypto transactions and a 4% tax on mining and custody services, raising industry concerns about increased costs and potential barriers to crypto adoption in Argentina.

Eurozone finance ministers are discussing measures to boost euro-denominated stablecoin issuance, aiming to reduce U.S. dollar dominance in the stablecoin market and foster European digital asset innovation.

The European Systemic Risk Board has called for urgent policy action on multi-jurisdictional stablecoins, warning of elevated systemic risk and highlighting the need for stricter oversight to protect EU financial stability.

Zcash (ZEC): ZEC surged 36.9% in 24h to $177.05 with $600M+ volume, driven by renewed privacy coin interest and strong spot market demand.

Mantle (MNT): MNT jumped 21.5% in 24h to $2.83, hitting a new all-time high as BitDAO completed its 1:1 migration and ecosystem activity accelerated.

Pudgy Penguins (PENGU): PENGU rose 5.1% in 24h to $0.0322, supported by $450M trading volume and growing Solana meme coin community engagement.

Smart Money Movements

BlackRock purchased $899.4 million in Bitcoin as the price hovered near $122,700, coinciding with $4.16 billion in dormant BTC moving from long-inactive wallets.

A transfer of 700 BTC worth $86.3 million was moved from Coinbase Institutional to an unknown wallet, signaling ongoing large-scale positioning by institutional investors.

A major Ethereum whale sold 45,000 ETH valued at $208 million over two days, contributing to a 5% intraday price drop and increased market volatility.

Ripple transferred $55.9 million in XRP (18.7 million tokens) to a Ripple-linked address, raising speculation about liquidity management and potential market developments.

Bit Digital expanded its Ethereum holdings by acquiring 31,057 ETH, bringing its total to 150,244 ETH valued at approximately $675 million, funded by a $150 million convertible note.

Events to Watch

Oct 9 (Thu)

Fed Chair Jerome Powell will deliver a speech on interest rate outlook; North American Blockchain Summit (NABS) opens in Dallas, gathering major blockchain builders.

Oct 9 (Thu)

xMoney (XMN) will hold its Token Generation Event, introducing a new payment token in the Finance/Banking sector.

Oct 8 (Wed)

Federal Reserve releases September FOMC meeting minutes at 2:00 PM ET, providing key insights into future U.S. monetary policy.

Oct 8 (Wed)

Reserve Bank of New Zealand announces a surprise 50bp rate cut, signaling potential further monetary easing.

Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The Federal Reserve is widely expected to cut interest rates at its late-October meeting, with market odds at 94.6%. This anticipated monetary easing is boosting altcoin market sentiment and could increase DeFi liquidity and blockchain adoption.

The ongoing U.S. government shutdown has delayed key economic data releases, complicating Fed policy decisions and increasing market uncertainty. This data blackout may heighten volatility in BTC and DeFi markets due to reduced macro visibility.

Recent Fed minutes reveal a strong consensus for further rate cuts in 2025, driven by labor market weakness. Lower rates are expected to support risk assets, potentially fueling capital inflows into crypto and NFT markets.

The Reserve Bank of New Zealand surprised markets with a 50bps rate cut, signaling further easing if needed to control inflation. This dovish stance may encourage global risk-taking and support crypto asset prices in the Asia-Pacific region.

The U.S. Treasury is reportedly discussing a Bitcoin reserve strategy, reflecting digital assets' growing role in fiscal planning. This could enhance BTC's macro legitimacy and drive institutional interest in crypto markets.

Cryptocurrency Regulatory Trends

The U.S. SEC is prioritizing the formalization of an 'innovation exemption' for crypto firms by late 2025, aiming to provide regulatory clarity and encourage domestic blockchain development, which could boost institutional confidence.

The Bank of England is set to allow stablecoin holding exemptions for crypto firms, softening its initial cap proposal after industry pushback; this move is expected to support UK crypto market growth and align with U.S. GENIUS Act standards.

Buenos Aires has imposed a 6% gross income tax on crypto transactions and a 4% tax on mining and custody services, raising industry concerns about increased costs and potential barriers to crypto adoption in Argentina.

Eurozone finance ministers are discussing measures to boost euro-denominated stablecoin issuance, aiming to reduce U.S. dollar dominance in the stablecoin market and foster European digital asset innovation.

The European Systemic Risk Board has called for urgent policy action on multi-jurisdictional stablecoins, warning of elevated systemic risk and highlighting the need for stricter oversight to protect EU financial stability.

Trending Tokens

Zcash (ZEC): ZEC surged 36.9% in 24h to $177.05 with $600M+ volume, driven by renewed privacy coin interest and strong spot market demand.

Mantle (MNT): MNT jumped 21.5% in 24h to $2.83, hitting a new all-time high as BitDAO completed its 1:1 migration and ecosystem activity accelerated.

Pudgy Penguins (PENGU): PENGU rose 5.1% in 24h to $0.0322, supported by $450M trading volume and growing Solana meme coin community engagement.

Smart Money Movements

BlackRock purchased $899.4 million in Bitcoin as the price hovered near $122,700, coinciding with $4.16 billion in dormant BTC moving from long-inactive wallets.

A transfer of 700 BTC worth $86.3 million was moved from Coinbase Institutional to an unknown wallet, signaling ongoing large-scale positioning by institutional investors.

A major Ethereum whale sold 45,000 ETH valued at $208 million over two days, contributing to a 5% intraday price drop and increased market volatility.

Ripple transferred $55.9 million in XRP (18.7 million tokens) to a Ripple-linked address, raising speculation about liquidity management and potential market developments.

Bit Digital expanded its Ethereum holdings by acquiring 31,057 ETH, bringing its total to 150,244 ETH valued at approximately $675 million, funded by a $150 million convertible note.

Events to Watch

Oct 9 (Thu)

Oct 9 (Thu)

Oct 8 (Wed)

III. Phemex Market Focus

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