On Wednesday, Zcash (ZEC) surged 10% above the $1,616 mark, showcasing bullish momentum. At the same time, Bitcoin (BTC) remained range-bound around roughly $86,900. Easing signs in U.S. policy and a drop in oil prices supported the broader crypto market rally.
Key point
Zcash led the gains among the top coins by market cap after jumping 10%, while Bitcoin rose 1% over 24 hours and held the $86,900 level.
A U.S. House subcommittee advanced the bill on a ‘strategic Bitcoin reserve,’ and the SEC approved a conditional, temporary exemption for on-chain tokenized U.S. stock trading.
According to Tony DiCarlo, Bitcoin has risen about 29% over the past 35 days, recovering both the 50-week and 200-week moving averages.
A ZCash-led rally
In Asia trading, ZCash (ZEC) edged slightly above $1,616 and recorded the highest rate of increase among major tokens compiled by CoinDesk. Bitcoin traded with fluctuations around the $86,900 area. Ripple (XRP) rose 6%, breaking above $1.62, and Hyperliquid (HYPE) climbed 4%, nearing the $97 mark.
Dogecoin (DOGE), the meme coin with the largest market cap, also rose 4%. Meanwhile, Ethereum (ETH), BNB (BNB), and Solana (SOL), the top-cap altcoins, logged only limited gains of less than 1% each. Tron (TRX) moved in the opposite direction to this sentiment, showing an unusual pattern.
On September 16, the U.S. House Financial Services Committee put the “American Reserve Modernization Act” to a vote and passed it 28–21. This moved the H.R. 8957 bill one step closer to being considered on the floor. The bill would establish a new “Strategic Bitcoin Reserve” within the U.S. Treasury, impose a minimum 20-year holding requirement, and require mandatory reserve reporting to prove holdings. A significant process remains before it becomes law.
On the same day, September 17, the U.S. Securities and Exchange Commission (SEC) separately issued conditional, temporary exception measures allowing some trading platforms to trade tokenized U.S. stocks on-chain. At the same time, oil prices continued to fall, and bond prices strengthened in Asian trading. Brent crude fluctuated around roughly $99 per barrel after dropping for six straight trading days.
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Tony DiCarlo analysis
Tony DiCarlo, head of institutional business at RootstockLabs, said in an interview with CoinDesk that market confidence improved as technical factors and policy changes aligned. He explained that the SEC’s exception measures served as a direct positive catalyst for tokenized assets, and that the Bitcoin reserve bill further advanced congressional-level discussion around the federal government’s Bitcoin-holding strategy.
According to a CoinDesk report, if the bill applies, it is expected that about 325,000 Bitcoins already held by the U.S. government would be included in the reserve. Much of the amount comes from assets seized through criminal and civil forfeiture procedures. The bill also includes provisions requiring research into ways to acquire additional Bitcoins in a “budget-neutral” manner. However, ultimately, the bill must pass floor votes in both the House and Senate.
DiCarlo also diagnosed that the recent momentum in Bitcoin helped create a market environment supporting these policy changes. He said, “Bitcoin has once again surpassed both the 50-week and 200-week moving averages, rising about 29% over the past 35 days.” This technical rebound is seen as improving investor sentiment and playing a “buffer” role that can absorb policy uncertainty.
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