Zcash (ZEC) climbed 10% to move just past $1,616 during Wednesday morning hours in Asia, recording the most substantial increase among leading digital assets according to CoinDesk data.
Bitcoin remained stable close to $86,900, showing a 1% rise over a 24-hour window. XRP advanced 6% to reach just over $1.62, while HYPE increased by 4% to approximately $97. DOGE recorded a 4% bump, whereas ether, BNB, and SOL each saw increases under 1%. TRX stood out as the sole major token to decline, dropping by 1%.
Certain analysts communicated via email to CoinDesk that two regulatory updates originating from Washington are driving the current market sentiment. The initial development involves the House Financial Services Committee passing the American Reserve Modernization Act on September 17 by a 28 to 21 margin, advancing the initiative toward a comprehensive vote in the House.
The second factor stems from the U.S. Securities and Exchange Commission taking action where legislative bodies have not. Following stalled progress on the CLARITY Act, the agency utilized an innovation exemption to enable the onchain trading of tokenized U.S. stocks within a 24-hour timeframe, a choice that Dicarlo notes has strengthened tokenization-focused tokens along with broader market sentiment.
Tony Dicarlo, who serves as the director of institutional propositions at RootstockLabs, shared in an electronic message to CoinDesk, ‘Technically, Bitcoin’s back above its 50 & 200 week moving averages, up ~29% in 35 days.’ He added, ‘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 further commented, ‘The American Reserve Modernization Act clearing committee last week has also reignited the Strategic Bitcoin Reserve conversation again, the furthest such a bill has gotten in Congress, though it still needs a full House and Senate vote.’
The proposed legislation would transfer approximately 325,000 bitcoin currently held by the government—primarily acquired through criminal and civil forfeiture proceedings—into a Strategic House Treasury Reserve, mandate that these digital assets remain untouched for a minimum of 20 years, and require quarterly audited verifications to confirm their continued storage.
Additionally, the measure mandates an investigation into methods for acquiring extra coins without expanding the national deficit.
In broader financial markets, fixed-income assets strengthened during the Asian trading hours as crude oil prices continued their downward trend. Yields on 10-year government bonds in both Australia and New Zealand dropped by a minimum of three basis points, and 10-year Treasury futures moved upward while physical Treasuries remained closed due to a Japanese public holiday.
Brent crude fell below 1% to reach approximately $99 per barrel, marking its sixth consecutive negative session—the longest streak of declines in a full year—following remarks by President Donald Trump indicating that American representatives held a ‘very good’ discussion with Iranian diplomats in New York amidst renewed diplomatic efforts by Washington to resolve the ongoing conflict.
The central bank of Japan increased interest rates last week with a 7-2 split vote, a division substantial enough for traders to interpret as indicating a gradual approach to future tightening. The Japanese yen has depreciated since that announcement, preserving affordable borrowing expenses inside Japan and ensuring that capital supporting risk-on investments continues to circulate instead of withdrawing.
Originally published at https://www.coindesk.com/markets/2026/09/23/zcash-leads-crypto-majors-with-a-10-gain-as-bitcoin-holds-near-usd87-000.
