Bitcoin Holds Near $86,900 After Washington Breakthrough
The price stayed steady as Washington pushed a strategic bitcoin reserve and SEC support for tokenized stocks further onto the agenda.
Key Takeaways
- Bitcoin traded around $86,900 in the Asian morning on Wednesday.
- Zcash rose 10% and was the biggest gainer among the larger tokens.
- The U.S. House Financial Services Committee approved the American Reserve Modernization Act, while the SEC introduced an Innovation Exemption for tokenized U.S. stocks.
Bitcoin stayed around $86,900 (€75,800) on Wednesday morning in Asia, while Zcash rose 10% and became the biggest gainer among the larger tokens. XRP, HYPE, and Dogecoin also moved higher, while Tron was the only major token to edge lower.
Washington Sets the Tone
The move came alongside two developments in Washington. On September 17, the House Financial Services Committee approved the American Reserve Modernization Act by a vote of 28 to 21, sending the proposal toward a vote in the full House.
The bill is meant to lock in a permanent U.S. bitcoin reserve. According to the submitted text, it would create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, with a mandatory 20-year holding period for Bitcoin and extra requirements around security, oversight, and public reporting.
SEC Opens a New Path
The U.S. Securities and Exchange Commission also stepped in where Congress has not yet made a final call. With the so-called Innovation Exemption, the regulator on September 17 cleared the way for trading tokenized U.S. stocks on blockchain platforms without those platforms having to register right away as national securities exchanges.
That move matters for the crypto market because it brings the infrastructure between crypto and traditional stocks closer together. For investors, it could matter most as a sign that tokenization is getting a faster foothold in the U.S. market structure.
More Support for Riskier Tokens
Alongside the political and regulatory signals, the broader market also played a role. Brent oil fell for a sixth straight session, which eased inflation worries a bit. In Japan, the central bank did raise rates last week, but the split vote reinforced the view that tightening there is still moving slowly.
According to market watchers, that helped create an environment where riskier positions held up better. Bitcoin therefore stayed firm, while especially Zcash and a few major altcoins drew the most attention.
