Trump's Crypto Clarity Act Call Sends Bitcoin and Ether Prices Soaring

U.S. President Donald Trump's call to Congress to pass the Crypto Clarity Act has sent shockwaves through the cryptocurrency market, with Bitcoin and ether prices surging in response.

Bitcoin jumped by over 5% to trade at $71,880, while ether rose by more than 9% to reach $2,288.91, according to data from CoinGecko.

The moves come as the U.S. Treasury announced a significant increase in the buyback of long-dated government debt, which has sent yields significantly lower and made higher-risk assets like Bitcoin more attractive to investors, said Charlie Hayward, APAC regional director at RootstockCollective.

Bitcoin volatility, measured by Volmex Labs' BVIV Index, rose to above 40 after hitting a year-to-date low of 35.5 on Friday, according to data from Volmex Labs.