Trump Urges Congress to Pass Crypto Legislation Amid Market Rally

Cryptocurrency-related stocks surged on Thursday after U.S. President Donald Trump urged Congress to pass legislation establishing clear rules for digital assets.

The move came a day after the U.S. Treasury Department said it would support more long-duration bonds, boosting risk assets and providing a positive signal for crypto.

Higher yields are typically negative for risk assets like cryptocurrencies, but the Treasury's intervention was relatively small and offered only short-lived relief for bonds.

BTC (Bitcoin) gained 3.48% to $71,505 after crossing the $70,000 mark for the first time since June, while Ether rose 2.46% to its highest level in over three months at $2,272.

Fuelled by a wave of short-covering, analysts said investors were encouraged by Trump's show of support for crypto legislation, with Alex Kuptsikevich, chief market analyst at brokerage FxPro, noting the rally was 'incrementally positive' due to the White House's direct pressure on Congress.