NEW YORK: Bitcoin rose 3.48% to USD 71,505 on Thursday, while crypto-linked shares climbed after the US Treasury doubled buybacks of long-duration debt.
The move followed a bond sell-off that pushed the 30-year US Treasury yield to its highest level since 2007.
Higher bond yields typically pressure risk assets by improving returns on safer investments. However, analysts said the Treasury action provided short-lived relief and helped improve sentiment toward cryptocurrencies.
Alex Kuptsikevich, chief market analyst at FxPro, said the crypto rally was then strengthened by short-covering after weeks of narrow trading.
Bitcoin crossed USD 70,000 for the first time since June. It remained down about 18% in 2026 and roughly 43% below its October record high. Meanwhile, Ether gained 2.46% to USD 2,272, its highest level in more than three months.
Read: Iran Tensions Hit Markets as Global Bond Yields Surge
Crypto-related shares also advanced. Coinbase Global rose 6.05%, Strategy gained 4%, Canaan climbed 10.37%, Circle added 3.8%, and Robinhood rose 0.42%.
Read: Fed Rate Hike Bets Drop as Dollar Falls to June Low
Investor sentiment also received support from President Donald Trump’s call for Congress to pass a “fair version” of the Clarity Act.
The proposed legislation would clarify whether digital assets fall under securities or commodities rules and divide oversight between the Securities and Exchange Commission and Commodity Futures Trading Commission.
USTiger Securities analyst Bo Pei said Trump’s comments were incrementally positive because they increased White House pressure on Congress to advance the bill
