Bitcoin Erases Overnight Gain as Brent Crude Tops $100 and Zcash Jumps on DCG Fund Swap
Bitcoin gave back all of its overnight advance after U.S. trading opened on Wednesday, leaving the asset almost unchanged from Tuesday’s close by midday even after a firmer Asian and European session. Traders are now focused on two scheduled U.S. inflation releases — August producer prices on Thursday and consumer prices on Friday at 8:30 a.m. ET — the last major data points before the next Federal Open Market Committee meeting. On Polymarket, a 25-basis-point rate increase for the Sept. 15-16 meeting moved ahead of the no-change outcome. Market breadth weakened across crypto even as total market capitalization held near $2.79 trillion. Bitcoin traded at $78,591.04 and ether at $2,497.54, while XRP, SOL and BNB all fell on the day. Laser Digital’s derivatives desk said spot markets had opened the week in tight ranges as traders stayed cautious ahead of inflation data, while options positioning shifted more in favor of calls. Zcash stood apart from the rest of the market. The token rose after a Tuesday 8-K showed Digital Currency Group acquired about $100 million worth of shares in Grayscale’s listed Zcash fund through an in-kind creation, delivering 85,705.32563297 ZEC rather than buying in the open market. The filing also said the fund’s assets under management had climbed above $500 million two weeks after its Aug. 25 NYSE Arca listing and confirmed the launch of options trading in ZCSH on the same venue.
