Zcash Surges 10% as Bitcoin Holds Steady near $86,900 Amid US Policy Developments
Zcash surged ahead of other major cryptocurrencies on Wednesday, climbing 10% to over $1,616. Meanwhile, Bitcoin held steady near $86,900 after a 1% gain in the past 24 hours.
The increase in Zcash was part of broader gains in the crypto market, which received support from US policy developments and lower oil prices. The SEC approved temporary relief for on-chain trading of tokenized US stocks, while a House panel advanced a bill to create a Treasury Strategic Bitcoin Reserve.
Tony Dicarlo, director of institutional propositions at RootstockLabs, attributed the improved market confidence to technical and policy developments. He noted that the SEC exemption helped tokenization-related assets, while the reserve bill pushed the federal Bitcoin stockpile debate further through Congress.
The bill would cover approximately 325,000 Bitcoin already held by the US government, obtained through criminal and civil forfeitures. It would also require a study of budget-neutral ways to acquire more Bitcoin.