Bitcoin and ether surged after President Donald Trump urged Congress to pass the Clarity Act, boosting hopes for a more favorable regulatory backdrop for the crypto industry. Bitcoin climbed about 5.2% to $71,880, while ether jumped more than 9% to $2,288.91.
The rally also got a lift from falling Treasury yields after the U.S. Treasury announced a major increase in buybacks of 20-year and 30-year bonds. Lower yields can make higher-risk assets such as Bitcoin more attractive, while the policy move also eased some pressure on markets worried about rising U.S. borrowing costs.
Crypto sentiment got another boost from Trump’s comments on Hyperliquid, a decentralized exchange that has become a major venue for perpetual futures trading. The Hyperliquid token jumped about 25% over 24 hours, while trading in BlackRock’s iShares Bitcoin Trust ETF surged to more than 4.5 times its 30-day average.
Bitcoin had spent the past six weeks stuck between roughly $62,000 and $66,000, frustrating traders as volatility dried up. The latest rally has changed the tone quickly, with a wave of short liquidations adding fuel to the move. Standard Chartered’s Geoffrey Kendrick said investors should position for Bitcoin to reach $100,000 by the end of 2026.
