Trump's Crypto Push Ignites Bitcoin and Ethereum Rally

Bitcoin and Ethereum are surging as falling real yields from Treasury buybacks combine with President Donald Trump's renewed crypto policy push. The CLARITY Act, which aims to create a clear regulatory environment for cryptocurrency, has gained traction after Trump expressed his support in a White House meeting. This development is significant, as the bill needs 60 Senate votes next month to pass.

The Treasury buyback decision has reduced long-duration supply and lowered real yields, making non-yielding assets like Bitcoin more attractive. Additionally, Trump's comments on bringing onchain perpetuals markets into a compliant US framework have sparked interest in platforms like Hyperliquid, which rose 20% over 24 hours.

However, technical analysts caution that both daily markets are stretched, with Bitcoin's RSI at 79 and Ethereum's above 83. A correction may be necessary before the breakouts look increasingly credible.