ZEC falls 12%, LINK hits 2026 high as Bitcoin waits for PCE
Bitcoin held near $83,000 on 29 September as Zcash led the losers and Chainlink, Hedera and The Graph jumped. US inflation data on Wednesday is next.
Bitcoin spent Tuesday, 29 September 2026, stuck just above $83,000, but the market underneath it was anything but quiet. Zcash (ZEC) dropped about 12%, the worst move among the large coins, while Chainlink (LINK) reached its highest price of the year and Hedera (HBAR) and The Graph (GRT) posted big gains. The total crypto market was worth about $2.86 trillion.
Key takeaways
- BTC traded around $83,100, down under 1% on the day. Ether was flat near $2,690.
- ZEC fell about 12% to near $1,380 as leveraged traders were forced out.
- LINK touched a 2026 high above $15 after Chainlink launched CCIP 2.0.
- HBAR rose about 27% and GRT about 18%. UNI and BCH each fell about 10%.
- The US 10-year Treasury yield hit about 5.25%, the highest since 2007, and Brent oil was near $107.
The day's big movers
| Coin | Move | Main reason | Live price |
|---|---|---|---|
| Hedera (HBAR) | About +27% | Hedera-based app listed on IBM Cloud | $0.1180 |
| The Graph (GRT) | About +18% | Wider altcoin rotation | $0.0306 |
| Chainlink (LINK) | About +8% to +11% | CCIP 2.0 launch, whale buying | $15.42 |
| Immutable (IMX) | About +10% | Wider altcoin rotation | $0.1733 |
| Zcash (ZEC) | About -12% | Leveraged long positions closed | $1,421.71 |
| Uniswap (UNI) | About -10% | No single trigger reported | $9.06 |
| Bitcoin Cash (BCH) | About -10% | No single trigger reported | $312.80 |
Moves are the approximate 24-hour changes reported on Tuesday morning. The last column updates live.
Why Zcash fell
Nothing went wrong at the Zcash project itself. The drop started in the futures market. ZEC lost about 6% in a single hour late on Monday, sliding from around $1,480 to $1,390, and that pushed more than $10 million of leveraged bets on higher prices into forced closure across the big exchanges. Open interest in ZEC futures on one major venue had already dropped 13.5% the day before, a sign that traders were pulling back. ZEC is still the ninth-largest coin, worth about $24.7 billion, after a huge run this year that we followed in the Zcash and Bitcoin Cash rally.
Why Chainlink rose
Chainlink switched on CCIP 2.0 on 28 September. CCIP is Chainlink's system for moving tokens and messages between blockchains, and the new version adds custom checks and compliance controls aimed at banks, including transfers between public and private chains. It follows last week's deal under which Infosys, the Indian IT company, will build Chainlink tools into the banking software it supports (our Infosys and Chainlink report). Large holders added about 2.5 million LINK over ten days while smaller holders sold into the rally.
Bitcoin: macro still in charge
Bitcoin's problem is not crypto news. The US 10-year yield climbed to about 5.25%, and the 30-year to about 5.54%, the highest since 2004. Brent crude rose for a second day to near $107 a barrel after the US rejected Iran's seven-day ceasefire plan over the weekend (why Bitcoin dropped on Monday). When safe US bonds pay over 5%, fewer investors want risky assets.
Company buyers are still stepping in. Strategy added 1,665 BTC last week (our report), and Strive, the firm co-founded by Vivek Ramaswamy, bought 1,107 BTC for about $94.5 million at an average of $85,396, lifting it to 27,462 BTC. That makes Strive the fifth-largest listed Bitcoin holder.
One analyst sees support around $82,000. A lasting drop below $80,000 would be a bearish signal, while a move back above $90,000 would point to a new push higher.
What to watch this week
- Wednesday, 30 September: the final US GDP reading for April to June, August PCE inflation (the Fed's preferred measure) and September ADP jobs. A hot inflation number would add to pressure on yields.
- Token unlocks: several projects release locked tokens this week, including Kamino on 30 September, EigenLayer on 1 October and Ethena and DoubleZero on 2 October. Our token unlock guide explains why these dates can move prices.
- Bitcoin level: $82,000 on the downside and $90,000 on the upside.
Sentiment is still upbeat: the crypto fear and greed reading was 73 to 74 out of 100, in "greed". See live rupee prices on crypto prices in India and the day's full list on top gainers and losers.
FAQ
Why did Zcash fall today?
Leveraged traders were forced out of bets on higher prices. More than $10 million of positions were closed as ZEC dropped about 12% to near $1,380.
Why is Chainlink going up?
Chainlink launched CCIP 2.0, a bank-focused upgrade of its cross-chain system, on 28 September, and large holders have been buying.
What is the Bitcoin price today?
BTC traded near $83,000 on 29 September 2026. Live: $84,158.01 (₹8,077,486).
This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.
