Push from Trump and bond yields: Bitcoin surges to $72,000, hitting a nearly 3-month high

Bitcoin surges 5% to $72,400, a nearly three-month high, following Trump's call for Congress to pass a law supporting the crypto sector and a drop in US government bond yields. Ethereum also rises 10% to $2,300.

Bitcoin surged over 5% to trade around $72,400, a nearly three-month high, after US President Donald Trump called on Congress to pass a bill expected to support the growth of the crypto sector. Trump also hinted at the possibility of regulating Hyperliquid, a decentralized exchange gaining popularity. A sharp drop in US government bond yields, following the Treasury Department's announcement of increased repurchases of 20- and 30-year bonds, also helped boost trading in the iShares IBIT ETF, with volumes more than 4.5 times the 30-day average. Ethereum rose 10% to trade above $2,300. Hyperliquid's token rose about 25% in 24 hours. The BVIV volatility index rose to 40 points after a low of 35.5 since the start of the year. Analysts from Sygnum, Standard Chartered, and Fundstrat noted a combination of macroeconomic and policy catalysts, with Standard Chartered's Kendrick predicting a rise to $100,000 by the end of 2026. Fundstrat's Thomas Lee reported the second-largest wave of short covering ever. Bitcoin remains below its yearly high ($94,820 in January) and all-time high ($126,198 in October 2025).