Bitcoin Jumps Above $71,000 As Trump Pushes Crypto Bill. Standard Chartered Sees $100,000 By Year-End.

Bitcoin surged above $71,000 on Thursday, breaking out of a weeks-long trading range as President Donald Trump renewed his push for Congress to pass major crypto legislation and falling Treasury yields gave another boost to risk assets.

The world's largest cryptocurrency was trading about 5.2% higher at $71,880, while ether jumped more than 9% to $2,288.91. The rally marked a sharp turnaround for Bitcoin after it spent much of the past six weeks moving between roughly $62,000 and $66,000.

Trump urged lawmakers to pass the Clarity Act, legislation designed to establish clearer rules for the U.S. digital asset market, while reaffirming his support for the crypto industry. The president's comments helped lift sentiment across the sector, with CNBC reporting that expectations around Trump's crypto agenda were among the catalysts behind Thursday's rally.

The legislation has become one of the crypto industry's biggest priorities in Washington. The House passed its version of the Digital Asset Market Clarity Act in 2025, but efforts to establish a final regulatory framework have faced a more complicated path in the Senate as lawmakers debate how oversight should be divided between the Securities and Exchange Commission and Commodity Futures Trading Commission.

Trump has increasingly pressed Congress to finish the legislation. The president said earlier this year that he wanted lawmakers to send a crypto market structure bill to his desk as quickly as possible, part of his administration's broader effort to make the U.S. a global center for digital assets.

Thursday's rally was not driven by Washington alone. A sharp decline in longer-term Treasury yields also improved appetite for riskier assets after the U.S. Treasury announced a significant increase in buybacks of 20-year and 30-year government bonds.

Charlie Hayward, APAC regional director at RootstockCollective, told CNBC that lower yields increase the appeal of higher-risk assets such as Bitcoin. Trading activity also accelerated, with volume in BlackRock's iShares Bitcoin Trust ETF running at more than 4.5 times its 30-day average before Trump's latest crypto comments.

Standard Chartered's Geoffrey Kendrick said the Treasury move was "exactly the type of thing Bitcoin loves" and argued that investors should now be preparing for Bitcoin to reach $100,000 by the end of 2026.

The rally has already put pressure on traders betting against cryptocurrencies. Fundstrat co-founder and head of research Thomas Lee said the scale of the recent move triggered the second-largest short liquidation event on record, while ether climbed to its highest level in three months. Ether has gained about 19% over the past seven days, according to CoinGecko data cited by CNBC.

Trump also drew attention to Hyperliquid, the decentralized crypto exchange popular for perpetual futures trading, after signaling possible regulatory developments involving the platform. Hyperliquid's HYPE token jumped about 25% over 24 hours as traders reacted to the comments.

The renewed volatility comes after an unusually quiet stretch for Bitcoin. David Morrison, senior market analyst at Trade Nation, said the cryptocurrency's prolonged movement between support near $62,000 and resistance around $66,000 had frustrated traders, particularly after Bitcoin's steep decline from last year's record, the CNBC report said.

Despite Thursday's rebound, Bitcoin remains well below its recent peaks. The cryptocurrency reached a 2026 high of $94,820 in January and remains roughly 43% below the all-time high of $126,198 reached in October 2025.

The latest breakout, however, has brought volatility back into the market. The BVIV Index from Volmex Labs, which tracks expected Bitcoin volatility, climbed above 40 after falling to a 2026 low of 35.5 last week.