“Technically, Bitcoin is back above its 50- and 200-week moving averages, up approximately 29% in 35 days,” said Tony Dicarlo, director of institutional propositions at RootstockLabs, in an email to CoinDesk. “On the legislative front, the SEC has intensified its support for digital assets where Congress has not, with the Innovation Exemption filling the CLARITY gap within 24 hours — driving sharp rallies in tokenization-related digital assets and bolstering broader confidence.”
“The passage of the American Reserve Modernization Act through committee last week has also reignited the Strategic Bitcoin Reserve conversation, marking the furthest such a bill has advanced in Congress, though it still requires a full House and Senate vote,” he added.
The proposed legislation would place the roughly 325,000 bitcoin the government already holds — most of it acquired through criminal and civil forfeitures — into a Strategic Bitcoin Reserve at the Treasury. It would require the coins to be held for at least 20 years and mandate quarterly audited proof that they remain in custody. Additionally, it orders a study into methods for acquiring more bitcoin without increasing the deficit.
Meanwhile, in broader markets, bonds rallied across the Asian session as oil prices continued to decline. Australian and New Zealand 10-year yields each fell by at least three basis points, and 10-year Treasury futures climbed, with cash Treasuries closed for a Japanese holiday.
Also Read
- XRPL fixes critical pre-mainnet flaw, but client apps remain at risk
- Australia Composite PMI Falls to 50.8 as Manufacturing Contraction and Job Losses Broaden
- Circle pays millions for Binance distribution while its margins collapse
- CFTC Warns of Manipulation Risks in Prediction Platform “Mention Markets”
