Bitcoin, ether surge as Trump urges Congress to pass crypto Clarity Act
Bitcoin and ether surged after U.S. President Donald Trump urged Congress to pass a bill that would set a regulatory framework for the cryptocurrency sector.
TL;DR
- Bitcoin, ether, and other cryptocurrencies surged after U.S. President Donald Trump urged Congress to pass a bill expected to boost the sector.
- Trump also hinted at regulating Hyperliquid, a decentralized exchange, whose token rose about 20%.
- A retreat in Treasury yields, influenced by the US Treasury increasing buybacks of 20-year and 30-year bonds, also boosted trading in the iShares Bitcoin Trust ETF.
- The moves in crypto have triggered the second-largest short liquidation in history, pushing ether to a three-month high.
- Geoffrey Kendrick of Standard Chartered predicts investors should position for Bitcoin to reach $100,000 by year-end 2026.