Crypto shares climb after Trump advocates for Clarity Act

Cryptocurrency stocks experienced a significant increase on Thursday, following the U.S. Treasury Department's announcement to expand buyback sizes for long-duration bonds. This move came after a substantial sell-off in bonds, driving the 30-year Treasury yield to its highest level since 2007. While the Treasury's intervention was limited, it provided a positive signal for the crypto market, according to analysts.

Bitcoin was the standout performer, surging 3.48% to $71,505, a level not seen since June. The cryptocurrency's value has dropped 18% so far in 2025 and remains down 43% from its October record high. Investors may have been encouraged by President Donald Trump's push for Congress to pass legislation establishing clear rules for digital assets, known as the Clarity Act.

Trump's stance on the bill, which has been stalled in the Senate, is seen as a positive development as it suggests the White House is exerting more direct pressure on Congress to finalize the legislation.