Zcash led gains among major cryptocurrencies, climbing 10% to more than $1,616, while Bitcoin held close to $86,900 and most other large tokens moved higher.
The positive mood followed progress in the United States on legislation that would establish a Strategic Bitcoin Reserve. A House committee approved the bill, taking the proposal further through Congress than any previous measure aimed at making the government’s bitcoin stockpile permanent.
Market sentiment was also supported by an exemption from the US Securities and Exchange Commission allowing onchain trading of tokenized US stocks. Analysts pointed to both developments as key reasons for the broad advance across digital assets.
The cryptocurrency gains came as wider financial markets responded to a continued decline in oil prices. Lower oil costs eased inflation concerns during the Asian trading session, helping government bonds rally and supporting appetite for riskier assets.
Bitcoin remained relatively stable despite the broader movement in the market. The largest cryptocurrency traded near $86,900, while Zcash recorded the strongest advance among the leading tokens.
In currency markets, the yen weakened after the Bank of Japan delivered a divided interest-rate increase. The decision suggested that the central bank is likely to continue moving towards tighter monetary policy at a gradual pace.
The combination of softer oil prices, progress on the US bitcoin reserve legislation and the SEC’s position on tokenized stocks helped create a more supportive backdrop for both digital assets and traditional financial markets.
The House committee action represents the most significant congressional progress so far for a proposal to formalise the government’s bitcoin holdings through a Strategic Bitcoin Reserve. Analysts connected that development with the gains across the cryptocurrency market, although Bitcoin’s move remained comparatively limited while Zcash advanced sharply.
