Zcash Leads Major Tokens Higher as Bitcoin Holds Near $87,000
Zcash surged 10% to lead the crypto market as Bitcoin maintained support near $86,900, bolstered by legislative progress on a strategic reserve bill and new SEC guidance on tokenized assets.
Zcash outperformed major cryptocurrencies during the Asian morning hours on Wednesday, climbing 10% to trade just above $1,616. Bitcoin remained steady near $86,900, marking a 1% gain over the previous 24 hours, while most other large-cap tokens also saw upward movement.
Market sentiment was lifted by two developments in Washington. The House Financial Services Committee approved the American Reserve Modernization Act on Sept. 17 by a vote of 28 to 21, moving the legislation toward a full House vote. The bill proposes establishing a Strategic Bitcoin Reserve at the Treasury, which would hold approximately 325,000 bitcoin for at least 20 years with quarterly audits.
Additionally, the U.S. Securities and Exchange Commission utilized an innovation exemption to facilitate the onchain trading of tokenized U.S. stocks. Tony Dicarlo, director of institutional propositions at RootstockLabs, noted that this regulatory move has improved broader market confidence and driven rallies in tokens linked to tokenization.
Regarding Bitcoin's technical position, Dicarlo observed that the asset is trading above its 50 and 200-week moving averages, reflecting a 29% increase over the last 35 days. The legislative progress on the reserve bill marks the furthest such proposal has advanced in Congress to date.
Broader market conditions also supported risk appetite as oil prices extended a decline. Brent crude dropped under 1% to approximately $99 a barrel, marking its sixth consecutive losing session. This shift helped ease inflation concerns, contributing to a rally in bonds across the Asian session.
Other major tokens saw mixed performance. XRP rose 6% to just above $1.62, while HYPE gained 4% to nearly $97. DOGE also added 4%, whereas ether, BNB, and SOL each posted gains of less than 1%. TRX was the only large token to decline, falling 1%.
