Bitcoin and Ether Soar as Trump Calls for Crypto Clarity Act Passage
Bitcoin and ether surged after US President Donald Trump urged Congress to pass the Crypto Clarity Act, which could boost the sector. Bitcoin rose around 5.2% to $71,880, while ether jumped over 9% to $2,288.91.
The Hyperliquid token, a decentralized exchange that's been gaining popularity among traders for 'perpetual futures' trading, increased by about 25% in the past 24 hours. The iShares Bitcoin Trust ETF (IBIT) also saw significant gains, nearly five times its 30-day average.
According to Charlie Hayward from RootstockCollective, the US Treasury's decision to increase the buyback of long-dated government debt sent yields significantly lower, making higher-risk assets like Bitcoin more attractive to investors. Max Stuedlein from Sygnum APAC noted that this move 'aligns macro and policy catalysts'.
Some experts are predicting a move to $100,000 by year-end 2026 for Bitcoin, citing the US Treasury's decision as a positive development for the sector. Thomas Lee from Fundstrat mentioned that the sizable moves have pushed ether to a three-month high.