Bitcoin jumped 8% to $69,757 on Wednesday, its best intraday move since early February, as President Trump talked up the crypto industry and a Treasury bond buyback expansion pulled long-dated yields lower. Ether, XRP and other altcoins posted even sharper gains as the rally broadened across the market.
Bitcoin jumped 8% to $69,757 by 5:34 p.m. ET, its highest level since June 1. That marked its best day since a more than 12% intraday surge on February 6, the last time the token posted a stronger single-day move.
Trump hosts crypto executives ahead of CFTC meeting
Trump hosted top financial officials and crypto company executives at the White House, a day ahead of the first meeting of the Commodity Futures Trading Commission's Innovation Advisory Committee. The body was created to advise on how technological change affects US financial markets.
CFTC Chairman Mike Selig and SEC Chairman Paul Atkins joined the president, alongside Robinhood chief executive Vlad Tenev and Kraken co-chief executive Arjun Sethi. Trump also pressed Congress to pass the Digital Asset Market Clarity Act, known as the CLARITY Act.
SEC proposes new crypto capital-raising rules
The White House meeting came a day after the SEC proposed rules called "Regulation Crypto Assets," aimed at creating a tailored framework for certain crypto investment contracts. The proposal would create two exemptions from securities registration: one lets eligible issuers raise up to $5 million over a four-year period, while the other permits offerings of up to $75 million in any 12-month period.
Treasury bond buyback boost eases yields
A reprieve in the fixed-income market also lifted sentiment. The Treasury Department said it would at least double its buyback operations for long-dated bonds, sending the 30-year yield tumbling from nearly two-decade highs. Effective September 9, buyback sizes for the 10-to-20-year and 20-to-30-year sectors will double from $2 billion to $4 billion per operation.
Altcoins outpace Bitcoin's rally
Most altcoins tracked Bitcoin higher and posted sharper gains. Ether rocketed 19.7% to $2,288.49, while XRP swelled 12% to $1.1229. BNB added 4.8%, Cardano popped 9.7%, Solana climbed 12.4%, and Dogecoin gained 8%.
Even memecoins joined the move: the $TRUMP token surged 20.2%.
Source: Investing.com
Trading involves risk.
Risk Disclaimer
