Zcash rose 10% to just above $1,616 during Wednesday's Asian trading session, marking the largest gain among major cryptocurrencies. Bitcoin held near $86,900, up 1% over 24 hours, while most large tokens advanced.
XRP added 6% to above $1.62, HYPE gained 4% to nearly $97, and DOGE picked up 4%. Ether, BNB, and SOL each gained less than 1%, while TRX was the only major token to decline, falling 1%.
Legislative developments support market sentiment
Analysts attributed the upbeat market tone to two regulatory developments. On September 17, the House Financial Services Committee approved the American Reserve Modernization Act by a vote of 28 to 21, advancing the bill toward a full House vote. The legislation would establish a Strategic Bitcoin Reserve at the Treasury using the approximately 325,000 bitcoin the government currently holds, primarily from seized criminal and civil forfeitures.
Under the bill's terms, the coins would be held for at least 20 years, with quarterly audited proof of their continued custody required. The legislation also mandates a study of ways to acquire additional bitcoin without increasing the deficit.
The second development involved the U.S. Securities and Exchange Commission using an innovation exemption to clear onchain trading of tokenized U.S. stocks within one day, filling a gap left by the stalled CLARITY Act. Analysts noted this regulatory action has boosted tokenization-linked assets and broader market confidence.
Broader market movements
Bonds rallied across Asian markets as oil prices extended their decline. Brent crude dropped under 1% to approximately $99 a barrel, marking a sixth consecutive losing session and the longest run of declines in a year.
Japan's yen weakened following the Bank of Japan's rate increase last week, approved on a 7-2 vote that traders interpreted as signaling a gradual path toward tighter monetary policy. The currency weakness has kept borrowing costs low in Japan and sustained capital flows into risk trades.
