Zcash Leads Major Cryptocurrencies With 10% Gain as Bitcoin Holds Near $87K

Lower oil prices eased inflation concerns during the Asian trading session, while a U.S. bill aimed at making the government’s bitcoin holdings permanent advanced further through Congress than any similar proposal before it.

Zcash (ZEC) climbed 10% to above $1,616 during Wednesday’s Asian session, making it the strongest performer among major cryptocurrencies, according to CoinDesk data.

Bitcoin remained around $86,900, gaining 1% over the previous 24 hours. XRP rose 6% to slightly above $1.62, while HYPE added 4% to approach $97. DOGE advanced 4%, while ether, BNB and SOL each posted gains of less than 1%. TRX was the only major token in negative territory, slipping 1%.

Analysts pointed to two developments in Washington as drivers of the market’s positive tone. The first was the House Financial Services Committee’s approval of the American Reserve Modernization Act on Sept. 17 by a 28-21 vote, moving the legislation closer to a vote by the full House.

The second development involved the U.S. Securities and Exchange Commission, which moved forward on tokenized stock trading while the CLARITY Act remains stalled. The regulator used an innovation exemption to establish a path for onchain trading of tokenized U.S. equities within 24 hours, according to Tony Dicarlo, helping boost tokenization-related cryptocurrencies and broader market confidence.

“Technically, Bitcoin’s back above its 50 & 200 week moving averages, up ~29% in 35 days,” Tony Dicarlo, director of institutional propositions at RootstockLabs, said in an email to CoinDesk.

“Legislatively, The SEC stepped up support of digital assets where Congress hasn’t with the Innovation Exemption filling the CLARITY gap within 24 hours, driving sharp rallies in tokenization related digital assets and improving broader confidence,” he added.

Dicarlo also pointed to the American Reserve Modernization Act, saying its committee approval had revived discussion around a Strategic Bitcoin Reserve. The legislation has progressed further through Congress than previous efforts, although it still requires approval from the full House and Senate.

Under the bill, roughly 325,000 bitcoin already held by the U.S. government, largely obtained through criminal and civil forfeitures, would be placed into a Strategic Bitcoin Reserve managed by the Treasury. The proposal would require the bitcoin to remain in the reserve for at least 20 years and require quarterly audited proof confirming that the holdings remain intact.

The legislation would also direct a study into potential ways to acquire additional bitcoin without increasing the federal deficit.

Outside crypto, bonds gained across Asian markets as oil prices continued to decline. Australian and New Zealand 10-year government bond yields each dropped by at least three basis points, while 10-year Treasury futures advanced. Cash Treasuries were closed because of a Japanese holiday.

Brent crude fell by less than 1% to around $99 a barrel, extending its decline to six consecutive sessions and marking its longest losing streak in a year. The latest move followed comments from President Donald Trump that U.S. officials had a “very good” meeting with Iranian representatives in New York as Washington renewed efforts to resolve the conflict.

Japan’s central bank raised interest rates last week by a 7-2 vote. The relatively narrow margin was interpreted by traders as a sign that further rate increases could proceed gradually. The yen has weakened since the decision, keeping borrowing costs in Japan relatively low and allowing funds used for risk-oriented trades to remain in circulation.

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