Bitcoin, ether surge as Trump urges Congress to pass crypto Clarity Act

BREAKING: Bitcoin surges to around $71,880 and ether jumps as much as 19% after Trump urges Congress to pass the crypto Clarity Act, with the rally triggering the second-largest short liquidation in history.

Shorts just got smoked for the second-largest liquidation in history. Bitcoin ripped to around seventy one thousand nine hundred dollars, and ether climbed nineteen percent over the week to a three-month high.

The spark came from the White House. Trump urged Congress to pass the crypto Clarity Act, and he even hinted at regulating Hyperliquid, whose token jumped about twenty five percent on the mere mention. Traders spent six weeks watching bitcoin do absolutely nothing between sixty two and sixty six thousand. That boredom is over.

There's a second engine here too. The Treasury is doubling buybacks of long-dated bonds, yields dropped, and money went hunting for risk. Standard Chartered's crypto desk is now telling clients to position for one hundred thousand dollars by year end.

Remember though, bitcoin is still miles below its January high of ninety four thousand, and further still from the October record. Everyone betting against this rally just paid dearly for it.

This is Liu Yang, reporting for HIT.

Source Read the original reporting at cnbc.com