Bitcoin, ether, and other cryptocurrencies surged after U.S. President Donald Trump urged Congress to pass a bill expected to boost the sector.
Bitcoin was last seen trading around 5.2% higher at $71,880, while ether was up more than 9% to trade at $2,288.91.
Trump also hinted at regulating Hyperliquid, the decentralized exchange that's been garnering popularity among traders.
The U.S. Treasury's announcement of a significant increase in the buyback of 20-year and 30-year bonds sent yields significantly lower, raising the attractiveness of higher-risk assets like Bitcoin.
Geoffrey Kendrick, global head of digital assets research at Standard Chartered, noted that the announcement from the U.S. Treasury is exactly the type of thing Bitcoin loves. 'Investors should now be positioning for a move to $100,000 by year-end 2026,' Kendrick added.
