Bitcoin Price Surges 11%-and It's More Than Just Trump Boosting Cryptos — Barrons.com

By George GloverBitcoin surged to its highest level since June on Thursday after President Donald Trump urged Congress to pass cryptocurrency legislation, while other digital assets were also rallying.Bitcoin was up 11% to $71,732 over the past 24 hours, according to data from CoinDesk. Ethereum jumped 19% and XRP rose 15% over the same period.The Hyperliquid token jumped 26% after Trump said that Commodity Futures Trading Commission Chairman Mike Selig was working to bring the decentralized crypto exchange also called Hyperliquid to the U.S.The moves higher came after Trump, regulators, and executives made the case for Congress to pass the so-called Clarity Act, which would place Bitcoin and other cryptos under commodity regulations instead of securities laws.The bill faces a procedural vote on Sept. 15.Coinbase CEO Brian Armstrong, Intercontinental Exchange CEO Jeffrey Sprecher, Ripple CEO Brad Garlinghouse, and Robinhood Markets CEO Vlad Tenev were among the execs that met Trump at the White House.It wasn't just the president that was boosting cryptos. The Treasury on Wednesday said it would at least double the size of its longer-term bond buybacks, which put a stop to yields' recent run higher.Lower borrowing costs tend to boost cryptos because they make bonds and other interest-bearing assets less appealing and add liquidity to the market.Write to George Glover at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.