Bitcoin, ether, and other cryptocurrencies experienced significant price increases after President Trump urged Congress to pass a bill aimed at boosting the crypto sector. This announcement coincided with a notable rise in the Hyperliquid token, which increased by approximately 20% in 24 hours.
The trading volume of the iShares Bitcoin Trust ETF (IBIT) also surged, exceeding 4.5 times its 30-day average, driven by a decline in Treasury yields. The U.S. Treasury's decision to increase buybacks of long-dated bonds has made higher-risk assets like Bitcoin more appealing to investors, as noted by Charlie Hayward from RootstockCollective.
Analysts like Max Stuedlein from Sygnum APAC and Geoffrey Kendrick from Standard Chartered highlighted that the Treasury's actions align with Bitcoin's favorable conditions, with Kendrick predicting a potential rise to $100,000 by the end of 2026.
The recent volatility in the crypto market has led to significant short liquidations, with ether reaching a three-month high of $2,251, reflecting a broader recovery in the sector after a period of stagnation