A meeting between President Trump and major crypto executives on Wednesday helped propel the digital-asset complex to its largest short-liquidation wave since 2021, with Ethereum leading gains.
Ether surged 18.57% to $2,278, marking its strongest single-day advance since mid-2024 and pushing the token to a 15-month high. Bitcoin followed with an 11.28% gain to $71,722, breaching the $70,000 psychological resistance level as 24-hour volume reached $59.6 billion. Solana added 13.54% to $87.89, though it remains 65% below its 52-week peak of $253.44.
The rally coincided with a U.S. Treasury announcement of a $4 billion long-term debt buyback program and heightened expectations for the so-called Clarity Act, which aims to clarify crypto regulations. Coinbase Global’s shares rose 9.55% to $160.20, with pre-market trading extending gains to 6.73% at $170.98.
Among major altcoins, XRP climbed 14.35% to $1.151 despite flashing a weekly "Strong Sell" signal, while Cardano and Dogecoin posted daily gains of 8.58% and 9.81% respectively, both also showing weekly "Strong Sell" readings. Technical indicators suggest the market is in overbought territory, with Ethereum’s daily RSI at 82.8 and Bitcoin’s at 77.9.
Analysts noted the move reflects an altcoin rotation, with Ethereum outperforming Bitcoin on the day. The Clarity Act still faces potential opposition from the banking sector over stablecoin yield restrictions, posing a risk to further upside.
