U.S. House Committee to Review Strategic Bitcoin Reserve Bill as BTC Rebounds to $79,000

The U.S. House Committee on Financial Services will review a bill establishing a strategic Bitcoin reserve on September 16. The legislation aims to create a Treasury Department reserve of Bitcoin that cannot be sold or exchanged for at least 20 years, marking a significant step toward integrating Bitcoin into the U.S. financial system.

Bitcoin rose 2.25% to $78,990.34 as of 4:59 a.m., with markets focusing on the bill's potential to drive long-term institutional demand. Ethereum gained 1.39% to $2,539.78, while altcoins showed mixed performance: XRP rose 7.77%, Solana added 2.14%, BNB climbed 0.56%, Dogecoin rose 0.62%, and Hyperliquid gained 3.96%.

Bitcoin's market share increased to 58.98%, up 0.13 percentage points, while Ethereum's fell to 11.52%. Total crypto trading volume reached $78.92 billion over the past 24 hours, with derivatives volume surging 97.36% to $75.14 billion as short-covering intensified.

Bitcoin liquidations totaled $70.52 million, with 77% being short positions. The surge in short-covering contributed to the broader market rally, which also saw DeFi trading volume rise 39.36% and stablecoin trading jump 82.92%. Meanwhile, regulatory developments continued as U.S. Senate Republicans faced opposition over the Clarify Act, while India launched a tokenized corporate bond pilot for institutional investors.