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Bitcoin and ethereum surge on push for Clarity Act
Bitcoin opened up 7.1% Thursday, and by about 9:15 a.m. ET it traded near $71,980, while ethereum was up 17.5% to about $2,293 as Congress advanced a bill to define crypto regulation.
Bitcoin and ethereum prices rose sharply Thursday after President Trump urged Congress to pass the Clarity Act, a proposal that would define whether cryptocurrencies are regulated as securities or commodities. The bill remains stalled in the Senate and is set for a procedural vote in September, according to Yahoo Finance.
As of about 9:15 a.m. ET, bitcoin had moved to roughly $71,980.32 after opening at $69,289.44, up 7.1% from Wednesday’s opening price. Ethereum opened at $2,251.93, up 17.5% from Wednesday, and was near $2,293.10 as of about 9:16 a.m. ET.
Yahoo Finance also pointed to a pullback in long-term Treasury yields supporting the move in digital assets. It cited the U.S. Treasury’s plan to double long-term debt buybacks, which tends to lower long-term borrowing rates and boost demand for riskier assets, including cryptocurrencies.
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