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Zcash leads crypto majors with a 10% gain as bitcoin holds near $87,000
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- DeepHorus
Zcash led major cryptocurrencies with a 10% surge to above $1,616 during Wednesday's Asian trading session, while Bitcoin held steady near $86,900, according to CoinDesk data. Most large tokens advanced, including XRP, which added 6% to just over $1.62, while HYPE and DOGE each gained about 4%. Only TRX declined among major tokens, falling 1%. The rally reflected an upbeat market tone driven by policy developments in Washington.
Analysts pointed to two key pieces of Washington news behind the positive sentiment. On September 17, the House Financial Services Committee approved the American Reserve Modernization Act by a vote of 28 to 21, advancing it toward a full House vote. The bill would establish a Strategic Bitcoin Reserve at the Treasury, holding the government's roughly 325,000 seized bitcoin for at least 20 years with quarterly audited proof of custody. It also mandates a study of deficit-neutral methods to acquire additional bitcoin.
The U.S. Securities and Exchange Commission separately used an innovation exemption to enable onchain trading of tokenized U.S. stocks, filling a gap left by the stalled CLARITY Act. Tony Dicarlo, director of institutional propositions at RootstockLabs, noted that Bitcoin has risen approximately 29% in 35 days and reclaimed its 50 and 200-week moving averages. He said the SEC's move boosted tokenization-linked tokens and broader market confidence.
In broader markets, bonds rallied across Asia as oil prices extended their decline. Brent crude fell below $100 a barrel, marking its sixth consecutive losing session after President Donald Trump reported a "very good" meeting with Iranian envoys in New York. Meanwhile, the Bank of Japan's divided 7-2 rate increase signaled a gradual tightening path, weakening the yen and keeping cheap funding available for risk assets.
