Bitcoin nears $87,000, Zcash zooms 10% as U.S. bitcoin reserve bill clears committee

“Technically, Bitcoin's back above its 50 & 200 week moving averages, up ~29% in 35 days,” Tony Dicarlo, director of institutional propositions at RootstockLabs, said in an email to CoinDesk. “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.”

“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,” he added.

The bill would place the roughly 325,000 bitcoin the government already holds, most of it seized in criminal and civil forfeitures, into a Strategic Bitcoin Reserve at the Treasury, require the coins be held for at least 20 years, and mandate quarterly audited proof that they are still there.

It also orderd a study of ways to buy more without adding to the deficit.

Meanwhile, among broader markets, bonds rallied across the Asian session as oil kept sliding. Australian and New Zealand 10-year yields each fell at least three basis points and 10-year Treasury futures climbed, with cash Treasuries shut for a Japanese holiday.