Bitcoin climbed roughly 11% over two days through Thursday, reaching its highest levels since early June, as U.S. President Donald Trump and cryptocurrency executives mounted a final effort to advance the Clarity Act through Congress.
Ethereum rose alongside bitcoin, with both digital currencies heading for their strongest single-day gains in months. Traders linked the rally to the legislative push and to turbulence in the bond market, which drove some investors toward assets they treat as alternatives to conventional holdings.
The Clarity Act would establish a regulatory framework for digital assets in the United States, dividing oversight responsibilities and setting rules that the industry has sought for years. Backers argue the legislation would give firms clearer legal footing to operate and attract institutional capital.
The two-day advance followed months of subdued trading in the sector. Prices had drifted lower through much of the year before the renewed political attention revived buying interest across major tokens.
Crypto executives joined the White House effort to build support for the bill before a legislative window closes. The industry has spent heavily to secure federal rules, viewing a national framework as a path to broader adoption.
Trump has positioned himself as an ally of the sector since returning to office, a stance that has drawn scrutiny from opponents. Democratic lawmakers have questioned the president’s own commercial interests in the industry as related bills moved through Congress this year.
Movement in the bond market added to the shift. Disruption in fixed-income trading pushed some investors toward hard assets, a category into which they increasingly place bitcoin during periods of instability.
The gains recovered ground lost during the extended downturn but left prices below the record highs set earlier in the cycle. Whether the momentum holds will depend in part on the fate of the legislation now before lawmakers.
The rally extended into Thursday’s session, with bitcoin holding near its two-month peak as the congressional debate over the Clarity Act continued.