Last Updated on 20/08/2026
Bitcoin rallied sharply on Wednesday, heading toward its strongest daily performance since early February, as President Donald Trump voiced strong support for the cryptocurrency industry and urged Congress to advance the CLARITY Act. Falling yields on longer-dated U.S. Treasury bonds also improved overall risk sentiment.
Bitcoin climbed 8% to around $69,757 by 17:34 ET (21:34 GMT), reaching its highest level since June 1. The move marked its strongest intraday gain since a more than 12% jump on February 6.
Trump steps up support for the crypto industry
Trump hosted senior financial officials and executives from major cryptocurrency companies on Wednesday, one day before the first meeting of the Commodity Futures Trading Commission’s Innovation Advisory Committee. The committee was established to advise on how technological developments could affect U.S. financial markets.
Trump emphasized his goal of keeping the U.S. at the forefront of digital assets and emerging technologies, including Bitcoin, cryptocurrencies, prediction markets and artificial intelligence. CFTC Chairman Mike Selig and SEC Chairman Paul Atkins attended the meeting, along with executives such as Robinhood CEO Vlad Tenev and Kraken co-CEO Arjun Sethi.
Trump also called on Congress to pass a revised version of the CLARITY Act, saying the legislation could encourage a new wave of innovation across the digital asset sector.
SEC unveils proposed crypto framework
The Trump administration’s crypto-friendly stance followed a new SEC proposal designed to establish clearer rules for certain crypto-related investment contracts.
Dubbed “Regulation Crypto Assets,” the proposal includes two exemptions from securities registration requirements. Eligible issuers could raise as much as $5 million over four years under one exemption, while another would allow offerings of up to $75 million within a 12-month period.
SEC Chairman Paul Atkins said the framework would provide crypto businesses and investors with clearer options for raising capital while operating within federal securities laws. The proposal would also introduce a safe harbor after issuers complete or permanently discontinue the managerial activities promised under an investment contract.
Treasury buybacks lift longer-term bonds
Sentiment across financial markets also improved after the U.S. Treasury announced plans to at least double its purchases of longer-dated government bonds.
Starting September 9, liquidity-support buybacks covering the 10- to 20-year and 20- to 30-year maturity sectors will increase from $2 billion to $4 billion per operation.
The announcement triggered strong buying in longer-duration Treasuries and pushed yields lower. The 30-year Treasury yield fell 8.9 basis points to 5.196%, after reaching 5.337% the previous day, its highest level since June 2007.
Long-term Treasury yields had recently come under pressure following the Federal Reserve’s July meeting, as higher oil prices fueled inflation concerns and heavy borrowing by major technology companies to finance AI infrastructure added to concerns over the supply of government and corporate debt.
Ether and major altcoins rally
The broader cryptocurrency market also advanced sharply alongside Bitcoin.
Ether surged nearly 20% to $2,288.49, while XRP gained about 12% to $1.1229. BNB rose 4.8%, while Cardano and Solana climbed roughly 9.7% and 12.4%, respectively.
Meme coins also recorded strong gains, with Dogecoin rising around 8% and the TRUMP token jumping more than 20%.
Overall, renewed U.S. political support for digital assets, expectations of clearer crypto regulations and falling long-term Treasury yields combined to create a strong risk-on environment for cryptocurrencies.
Leave a Reply