TLDR
- Zcash rose about 10% to more than $1,600, leading gains among major cryptocurrencies.
- Bitcoin held near $87,000 after recently reaching its highest level since late January.
- XRP gained about 6%, while Dogecoin and Hyperliquid rose around 4%.
- Falling oil prices and Treasury yields helped support broader risk appetite.
- Investors are also watching U.S. crypto policy, including the SEC’s tokenization exemption and renewed interest in a Strategic Bitcoin Reserve.
Zcash led major cryptocurrencies higher on Wednesday, rising about 10% as Bitcoin held close to $87,000. The broader crypto market also advanced as falling oil prices and easing bond yields improved risk sentiment.
Bitcoin traded around $86,900, up about 1% over 24 hours. XRP gained roughly 6%, while Hyperliquid and Dogecoin added around 4%.
Zcash Leads Crypto Gains
Zcash climbed to just above $1,616, making it the strongest performer among major tokens during the Asian session. Ethereum, BNB and Solana also moved higher, although their gains were below 1%.
Tron was one of the few major cryptocurrencies to decline, falling about 1%. The broader move followed several strong sessions for Bitcoin, which recently traded above $87,000 for the first time since late January.
Bitcoin has risen sharply over the past several weeks despite last week’s failed CLARITY Act vote in the U.S. Senate. The market has instead focused on other regulatory developments and improving financial conditions.
The Securities and Exchange Commission recently introduced an innovation exemption that gives qualified platforms a route to offer tokenized U.S. stocks on blockchain networks. The move has helped support tokens associated with tokenization and decentralized finance.
Strategic Bitcoin Reserve Bill Moves Forward
Crypto investors are also watching the American Reserve Modernization Act, which recently advanced through the House Financial Services Committee. The bill would place Bitcoin already held by the U.S. government into a Strategic Bitcoin Reserve at the Treasury.
The government currently holds roughly 325,000 Bitcoin, much of it obtained through criminal and civil forfeitures. Under the proposal, those coins would be held for at least 20 years.
The bill would also require quarterly audited proof that the Bitcoin remains in government custody. It calls for a study into ways the government could acquire additional Bitcoin without increasing the federal deficit.
The legislation still faces several steps before becoming law. It would need approval from the full House and Senate before reaching the president.
Falling Oil Supports Risk Assets
Traditional markets are also helping crypto sentiment. Brent crude fell toward $99 a barrel, extending its longest losing streak in about a year.
The decline followed renewed diplomatic discussions involving the U.S. and Iran. Lower oil prices can reduce inflation concerns and ease pressure on bond yields, which generally helps risk assets such as cryptocurrencies.
Bond markets strengthened during the Asian session, while Treasury futures moved higher. Lower yields reduce the relative attraction of safer fixed-income investments compared with higher-risk assets.
Strategy’s latest Bitcoin purchase has also supported sentiment. The company recently disclosed that it bought another 950 Bitcoin for $75.7 million, taking its holdings to 846,000 BTC.
Bitcoin is now consolidating near $87,000 after a strong rebound, while Zcash, XRP and other large tokens continue to post stronger percentage gains. Investors will be watching whether improving liquidity conditions and U.S. regulatory developments can keep the broader crypto rally intact.
