Bitcoin, ether surge as Trump urges crypto Clarity Act
Bitcoin and ether surged after President Donald Trump urged Congress to pass the crypto Clarity Act, lifting market sentiment in the latest crypto daily swing. Bitcoin traded near $71,880, up about 5.2%, while ether jumped more than 9% to around $2,289, as policy and macro catalysts aligned.
Key Takeaways
- Bitcoin rose about 5.2% to roughly $71,880 and ether gained more than 9% to about $2,288.91 after Trump pressed Congress on the Clarity Act.
- U.S. Treasury plans to increase buybacks of long-dated bonds pushed yields lower, helping risk assets such as bitcoin ETFs.
- Trump hosted cryptocurrency executives at the White House and hinted at regulating Hyperliquid; its token rose about 25%.
- Analysts flagged heavy short liquidations and a possible path toward $100,000 bitcoin by year-end 2026, though prices remain far below recent highs.
Why did bitcoin and ether surge now?
According to CNBC, major cryptocurrencies rallied after Trump urged Congress to pass a bill expected to boost the sector. Market sentiment was also supported by Trump's plans to buy sizable amounts of bitcoin as he reaffirmed support for the industry.
Bitcoin was last seen around $71,880, up about 5.2%. Ether traded near $2,288.91, up more than 9%. Bitcoin remains well below its 2026 high of $94,820 from mid-January and its all-time high of $126,198 set on October 6 last year.
Fundstrat's Thomas Lee said the recent moves triggered the second-largest ever short liquidation in history and helped push ether to a three-month high. CoinGecko data cited by CNBC showed ether up about 19% over the past seven days.
How do Treasury buybacks fit the crypto daily rally?
The U.S. Treasury announced a significant increase in buybacks of 20-year and 30-year bonds, sending yields lower. Lower yields can make higher-risk assets such as bitcoin more attractive to investors, RootstockCollective's Charlie Hayward told CNBC.
Trading in the iShares Bitcoin Trust ETF (IBIT) was more than 4.5 times its 30-day average even before Hyperliquid headlines. Bitcoin volatility, measured by Volmex Labs' BVIV Index, rose above 40 after hitting a year-to-date low of 35.5 on Friday.
Standard Chartered's Geoffrey Kendrick called the Treasury back-end support "exactly the type of thing Bitcoin loves" and said investors should position for a move to $100,000 by year-end 2026. Before the breakout, bitcoin had been rangebound between about $62,000 and $66,000 for six weeks.
What else did Trump signal for crypto?
Trump also hinted at regulating Hyperliquid, a decentralized exchange popular for perpetual futures trading. The Hyperliquid token rose about 25% over 24 hours, per CoinGecko data reported by CNBC.
Separately, ABC News reported that Trump hosted what he called a "who's who" of cryptocurrency leaders at the White House on August 20, 2026. Mother Jones noted the gathering came as crypto and prediction-market executives discussed regulation, while highlighting Trump family business ties to those industries.
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