Bitcoin and ether experienced significant price gains following U.S. President Donald Trump's public push for Congress to approve the Crypto Clarity Act, a bill anticipated to enhance regulatory certainty in the cryptocurrency sector. Bitcoin climbed about 5.2% to roughly $71,880, while ether surged over 9% to about $2,289. Despite this rally, bitcoin remains below its 2026 peak of $94,820 recorded in January and its all-time high of $126,198 from October last year.

Trump also mentioned potential regulation of the decentralized exchange Hyperliquid, which has recently gained traction, particularly for its "perpetual futures" trading. Following Trump’s remarks, the Hyperliquid token rallied around 25% in one day. Meanwhile, a drop in U.S. Treasury yields boosted appetite for riskier assets like bitcoin, contributing to higher trading volumes in related financial products such as the iShares Bitcoin Trust ETF, which saw activity exceed its 30-day average by more than fourfold.

The U.S. Treasury's announcement to significantly increase buybacks of long-term 20-year and 30-year bonds played a notable role in driving Treasury yields down, which market participants viewed as a positive catalyst for cryptocurrencies. Experts, including Geoffrey Kendrick from Standard Chartered and Max Stuedlein of Sygnum APAC, highlighted how these macroeconomic and policy developments work in bitcoin’s favor. Kendrick raised price targets, advising investors to anticipate bitcoin reaching $100,000 by the end of 2026.

This recent upward momentum also triggered substantial short position liquidations, marking the second-largest event of its kind in history, according to Thomas Lee of Fundstrat. Ether hit a three-month high with a nearly 19% increase over the past week. Prior to these shifts, bitcoin had been stuck within a narrow price range of $62,000 to $66,000, frustrating traders due to a lack of volatility despite its sharp pullback from last year’s all-time highs. The convergence of anticipated regulatory clarity and supportive macro factors now appears to be reinvigorating the crypto market.