Bitcoin at $76,587 after Fed hike as US bitcoin reserve bill clears House panel

Bitcoin is trading near $76,587 this morning, up about 1.1% from yesterday's $75,766 on our bitcoin price page, after shrugging off the US Federal Reserve's first rate increase since 2023. At today's dollar rate of Rs 277.51, one bitcoin is worth about Rs 21.25 million. Ether is at $2,435, up 1.6%, or about Rs 675,800.

Two US moves that matter for crypto

1. A bill to lock in the US bitcoin reserve. The House Financial Services Committee voted 28 to 21 on Wednesday to advance the American Reserve Modernization Act of 2026 (H.R. 8957), Cointelegraph reported. It would turn President Trump's executive order on a Strategic Bitcoin Reserve into law. The bill would:

• set up a Strategic Bitcoin Reserve and a digital asset stockpile inside the US Treasury;
• require bitcoin taken through criminal and civil forfeiture to be held for at least 20 years;
• order quarterly proof-of-reserve reports and third-party audits;
• study ways to buy more bitcoin without adding to the budget;
• let US states store bitcoin at the Federal Reserve;
• affirm the right to own and self-custody crypto.

The US government holds about 324,527 BTC, worth roughly $24.8 billion at this morning's price. The bill still needs to pass the full House and the Senate. A separate crypto tax overhaul also cleared the House tax committee 38 to 5, CoinDesk reported, a day after the Senate sank the Clarity Act market-structure bill.

2. The Fed hike. The Fed raised rates by 0.25 points to 3.75% to 4% and signalled one more rise this year. Bitcoin held near $75,700 right after the decision, CoinDesk reported, and has edged up since. Higher rates usually make riskier assets less attractive, so the calm is notable. Our Fed explainer covers what the hike means for the rupee and loans.

What it means for Pakistani holders

• Your rupee value moves with two prices. A Pakistani holder gains if bitcoin rises or if the rupee weakens. Work out your holding with the currency converter and track ether and bitcoin daily.
• Use a platform with a PVARA clearance. Under the Virtual Assets Act 2026, every crypto firm serving Pakistani users had to file for a no-objection certificate with the Pakistan Virtual Assets Regulatory Authority by 5 September 2026. Firms that missed it must stop serving Pakistani users, and operating without one is a criminal offence under Section 70 of the Act, CoinGape reported. Before you deposit, check that your exchange has applied or been cleared.
• Keep records. Buy and sell dates, amounts and rupee values will matter when you file your return. The FBR's return deadline for tax year 2026 is 30 September (details).

What to watch this week

1. Whether the reserve bill gets a full House vote before the election recess.
2. US inflation data, which will set the odds of the next Fed hike.
3. Any PVARA list of cleared platforms.