Falling crude prices helped ease inflation concerns in Asian markets, while a U.S. bill seeking to formalize the government’s bitcoin holdings as a strategic reserve advanced through Congress.
Zcash (ZEC) jumped 10% to above $1,616 during Wednesday’s Asian session, making it the top gainer among major cryptocurrencies, according to CoinDesk data.
Bitcoin hovered near $86,900, up 1% over the past 24 hours. XRP climbed 6% to above $1.62, while HYPE gained 4% to nearly $97. DOGE also rose 4%, while ether, BNB and SOL each posted gains of less than 1%. TRX was the only major token to decline, slipping 1%.
Analysts cited two developments in Washington as contributing to the positive market tone. The House Financial Services Committee approved the American Reserve Modernization Act on Sept. 17 by a 28-21 vote, allowing the bill to move toward consideration by the full House.
The Securities and Exchange Commission has also moved ahead with tokenized securities initiatives while the CLARITY Act remains stalled. The agency used an innovation exemption to create a path for onchain trading of tokenized U.S. stocks within 24 hours, according to Tony Dicarlo, director of institutional propositions at RootstockLabs. He said the move boosted tokenization-related tokens and strengthened broader crypto sentiment.
“Technically, Bitcoin’s back above its 50 & 200 week moving averages, up ~29% in 35 days,” Dicarlo said in an email to CoinDesk.
He also said the SEC’s action had helped fill the regulatory gap created by the stalled CLARITY Act, while the American Reserve Modernization Act had renewed attention around the Strategic Bitcoin Reserve.
The proposed legislation would place roughly 325,000 bitcoin already held by the U.S. government into a Strategic Bitcoin Reserve under the Treasury. Most of the coins were acquired through criminal and civil forfeitures. The bill would require the holdings to remain there for at least 20 years and mandate quarterly audits to verify that the bitcoin remains in reserve.
The measure would also require a study into methods for acquiring additional bitcoin without adding to the federal deficit.
Meanwhile, lower oil prices supported gains across Asian bond markets. Australian and New Zealand 10-year yields each declined by at least three basis points, while 10-year Treasury futures advanced. Cash U.S. Treasury markets were closed for a Japanese holiday.
Brent crude fell to around $99 a barrel, extending its decline to six straight sessions and marking its longest losing streak in a year. The move followed President Donald Trump’s statement that U.S. officials had held a “very good” meeting with Iranian representatives in New York as Washington renewed diplomatic efforts to end the conflict.
Japan’s central bank raised interest rates last week in a 7-2 vote. Traders interpreted the split as a signal that future rate increases could come at a slower pace. The yen has weakened since the decision, keeping Japanese borrowing relatively inexpensive and supporting the flow of funds into risk assets.
