Cryptocurrency jumps to its highest level since early June as investors respond to White House regulatory push and Treasury bond buybacks
Washington, D.C., United States
Bitcoin surged past $71,000 as cryptocurrency markets reacted strongly to renewed support for the digital-asset industry from US President Donald Trump and developments in the US bond market.
Bitcoin rose more than 3% on Thursday to above $71,700, its highest level since early June, according to Reuters. The move followed Trump’s White House meeting with cryptocurrency executives, where he urged Congress to advance the industry-backed Clarity Act.
The meeting brought together major figures from the cryptocurrency and financial sectors, alongside Securities and Exchange Commission Chairman Paul Atkins and Commodity Futures Trading Commission Chairman Michael Selig. Trump has argued that clearer rules would help establish the United States as a global leader in digital assets.
The market reaction reflected growing expectations that Washington is moving toward a more supportive regulatory environment for cryptocurrencies. Bitcoin had already recorded its strongest daily gain since March, rising 5.4% on Wednesday.
Another factor supporting the rally was the US Treasury’s increased buybacks of longer-dated government bonds. The move pushed borrowing costs lower and helped improve sentiment toward riskier assets, including cryptocurrencies.
The combination of a more crypto-friendly policy signal from Washington and easier financial conditions provided a powerful boost to Bitcoin. Crypto-related equities also rallied, with Coinbase and other digital-asset companies recording significant gains.
The sharp move also put pressure on bearish traders. Market reports indicated substantial liquidations across leveraged cryptocurrency positions as Bitcoin moved rapidly higher.
The rally now places renewed focus on whether Bitcoin can sustain its momentum as investors assess US regulatory developments, Treasury policy and broader liquidity conditions.