Bitcoin Soars Past $70,000 on Trump's Crypto Clarity Push

US President Donald Trump's support for cryptocurrencies has sent Bitcoin surging past $70,000. The price increase came after Trump urged Congress to pass the Crypto Clarity Act, which could establish a clearer regulatory framework for the cryptocurrency industry.

Geoffrey Kendrick, global head of digital assets research at Standard Chartered, believes investors should prepare for Bitcoin to reach $100,000 by the end of 2026. He links this outlook to Trump's renewed support for the cryptocurrency sector.

The announcement also affected the decentralised finance sector. Hyperliquid's native token jumped about 20% within 24 hours of Trump's announcement, as traders viewed clearer regulation as a potential benefit for decentralised platforms.