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Bitcoin Surges 11% as Trump and Crypto Executives Push for Clarity Act Passage
Key points
- Bitcoin price rose over 11% in two days, reaching nearly $72,000.
- President Trump urged Congress to pass a "fair version" of the Clarity Act.
- The rally was supported by Treasury yield pullback and a $2.7 billion crypto short squeeze.
- The Clarity Act is considered a key catalyst for the crypto market.
Bitcoin Price Surge
Bitcoin's value increased by more than 5% on Thursday, bringing its two-day gain to over 11%. This pushed the cryptocurrency to just under $72,000, its highest trading level since June 1. Earlier in the week, Bitcoin was trading at approximately $63,000.
Impact on Crypto Stocks
Following Bitcoin's rally, crypto-related stocks also saw gains. Coinbase and Circle each rose by about 6%, while Strategy jumped over 9% in premarket trading on Thursday. These gains built upon rallies from the previous trading session.
Factors Driving the Rally
The rally began on Wednesday when Treasury yields declined, reducing pressure on risk assets. This contributed to a broader movement into cryptocurrencies, which was further amplified by a substantial short squeeze. Approximately $2.7 billion in crypto short positions were liquidated, according to CoinGlass.
White House Push for Clarity Act
On the same day, President Donald Trump hosted CEOs from major crypto companies, including Coinbase, Kraken, Robinhood, Ripple, and ChainLink. During this meeting, Trump urged Congress to pass a "fair version" of the Clarity Act before the end of the year, stating it would promote innovation and maintain the US's lead in the sector. This meeting occurred ahead of the Commodity Futures Trading Commission's inaugural Innovation Advisory Committee meeting.
Clarity Act Significance and Challenges
The Clarity Act is widely regarded as a critical piece of legislation that could help the crypto market recover from its recent downturn. The bill's passage has faced challenges, particularly regarding ethics provisions, with Democrats advocating for tougher rules to prevent public officials from profiting from crypto, while Republicans oppose what they view as overly restrictive measures. The bill's chances for this year are uncertain if it fails to clear a key procedural vote in the Senate on September 15.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Bitcoin's price increased by over 11% in two days, reaching its highest level since June, following a push by the White House and crypto industry leaders to pass the Clarity Act. This rally was also influenced by a broader market move into crypto and a significant short squeeze. The Clarity Act is seen as crucial for the crypto market's recovery.