Trump Urges Congress to Pass Crypto Clarity Act, Boosting BTC and ETH Prices

Bitcoin and ether surged after US President Donald Trump urged Congress to pass the Crypto Clarity Act, which is expected to boost the sector. The bill's passage would provide regulatory clarity for cryptocurrencies.

BTC was last seen trading at $71,880, up 5.2% from the previous day. ETH rose over 9% to trade at $2,288.91, hitting a three-month high according to CoinGecko data.

Trump also hinted at regulating Hyperliquid, a decentralized exchange popular among traders for perpetual futures trading. The Hyperliquid token increased by about 25% in the past 24 hours.

The US Treasury's announcement of a significant increase in the buyback of long-dated government debt sent yields lower, making higher-risk assets like Bitcoin more attractive to investors. According to Charlie Hayward, APAC regional director at RootstockCollective, this decision addresses long-term yield concerns and is favorable for Bitcoin.

Max Stuedlein, head of Partnerships at Sygnum APAC, noted that the announcement from the US Treasury 'is exactly the type of thing Bitcoin loves.' He added, 'Investors should now be positioning for a move to $100,000 by year-end 2026.'

Thomas Lee, co-founder and head of research at Fundstrat, commented on the sizable moves in crypto, stating that it has triggered the second-largest ever short liquidation in history.