Bitcoin and other major cryptocurrencies jumped after U.S. President Donald Trump urged Congress to advance legislation expected to support the digital asset industry. Bitcoin rose about 5.2% to $71,880, while ether gained more than 9%, as lower long-term Treasury yields also supported demand for riskier assets.
Bitcoin and other major cryptocurrencies rose sharply after U.S. President Donald Trump urged Congress to pass legislation expected to strengthen the digital asset industry, while a move by the U.S. Treasury to increase buybacks of long dated government bonds added support to risk appetite.
Bitcoin was last up about 5.2% at $71,880, while ether gained more than 9% to $2,288.91. Bitcoin remained below its 2026 high of $94,820, reached in mid-January, and its record high of $126,198, set on Oct. 6 last year.
The rally followed Trump's renewed support for the cryptocurrency industry. The president also signaled an interest in regulating Hyperliquid, a decentralized exchange that has become popular for perpetual futures trading. The Hyperliquid token rose about 25% over 24 hours, according to CoinGecko data.
Lower Treasury yields provided another catalyst for cryptocurrencies. The U.S. Treasury announced a significant increase in its buyback of 20-year and 30-year government bonds, pushing yields lower and potentially making higher-risk assets such as Bitcoin more attractive to investors.
Geoffrey Kendrick, global head of digital assets research at Standard Chartered, maintained a $100,000 year-end Bitcoin target, arguing that the Treasury's increased support for the long end of the bond market was favorable for the cryptocurrency. Reuters previously reported Kendrick's $100,000 target for Bitcoin in 2026.
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The sharp cryptocurrency moves also triggered significant short position liquidations. Thomas Lee, co-founder and head of research at Fundstrat, said the latest moves had produced the second-largest short liquidation in cryptocurrency history, while ether reached a three month high.
Ether was up about 19% over the previous seven days at $2,251, according to CoinGecko data.
The latest rally marks a break from a period of relatively limited movement for Bitcoin. The cryptocurrency had traded between approximately $62,000 and $66,000 for six weeks, according to David Morrison, senior market analyst at Trade Nation.
Bitcoin's latest gains therefore reflect a combination of U.S. policy developments, lower long-term bond yields and renewed investor appetite for digital assets, although the cryptocurrency remains well below its record level.
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