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

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, the decentralized exchange that's been garnering 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 to boost trading in the iShares Bitcoin Trust ETF (IBIT) which was more than 4.5 times the 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 Friday.

ETF

The US Treasury's announcement of a significant increase in the buyback of 20-year and 30-year bonds sent yields significantly lower. And it raises the attractiveness of higher-risk assets like Bitcoin to investors, according to Charlie Hayward, APAC regional director at RootstockCollective.

Bitcoin's move reflects an alignment of macro 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 is aimed at addressing long-term yield concerns, where borrowing costs have been rising on concerns over US debt levels and partial crowding out by debt issuances of hyperscalers," he said.