Bitcoin, ether surge as Trump urges Congress to pass crypto Clarity Act

Jonathan Raa | Nurphoto | Getty Images Bitcoin, ether and other cryptocurrencies surged after U.S. President Donald Trump urged Congress to pass a bill expected to boost the crypto sector. Trump also hinted at regulating Hyperliquid, the decentralized exchange gaining popularity among traders as the home base of 'perpetual futures' trading. The Hyperliquid token rose about 20% over the past 24 hours, according to CoinGecko data. A retreat in Treasury yields also helped boost trading in the iShares Bitcoin Trust ETF (IBIT), which was more than 4.5 times its 30-day average even before the Hyperliquid headlines. Bitcoin volatility, measured by Volmex Labs' BVIV Index, rose to above 43.5 after hitting a year-to-date low of 35.5 on Friday. The US Treasury's announcement of a significant increase in the buyback of 20-year and 30-year bonds sent yields significantly lower, making higher-risk assets like Bitcoin more attractive to investors. Charlie Hayward, APAC regional director at RootstockCollective, noted this trend. Bitcoin's move reflects alignment between macroeconomic factors and policy catalysts, according to Max Stuedlein, head of Partnerships at Sygnum APAC. The Treasury's decision to double its buybacks of long-dated government debt aims to address concerns over rising borrowing costs and potential crowding out by hyperscalers. Geoffrey Kendrick, global head of digital assets research at Standard Chartered, stated that this announcement is exactly what Bitcoin favors. Investors are now positioning for a potential move to $100,000 by year-end 2026. The recent crypto market moves triggered the second-largest ever short liquidation in history, pushing ether to a three-month high, rising about 19% in the past seven days to $2,251, according to CoinGecko. Bitcoin had been stuck between support around $62,000 and resistance at $66,000 for the past six weeks, which was frustrating for crypto traders, especially after Bitcoin's effective halving from its all-time high in October.