Bitcoin Soars Above $70,000 After Trump Calls For Passage Of Crypto Bill

Cryptocurrency and blockchain-related stocks surged in premarket trading after U.S. President Donald Trump urged Congress to pass the Clarity Act, which would define cryptocurrency as a security or commodity. Bitcoin rose 3.4% to $71,700, and Ether gained 3.3%. Companies like Coinbase Global, Riot Platforms, and Canaan saw significant gains. The move follows the GENIUS Act's passage in July 2025, which established a regulatory framework for stablecoins.

Bitcoin rose over 3% to $71,500, its highest since June 1, driven by lower US bond yields and Trump's meeting with crypto executives. Other digital assets also gained, with a Hyperliquid token up 23%. The rally followed US plans to buy longer-dated treasuries, weakening the dollar and boosting risk assets.

Bitcoin rose 11.2% to $71,700, its highest since June 1, driven by falling US Treasury yields and regulatory optimism. Its market cap increased to $1.43 trillion, with trading volume surging 260% to $60.8 billion. Ethereum also climbed 18.6% to $2,270.

Bitcoin briefly hit $70,000 on Coinbase, driven by U.S. Treasury bond buybacks and regulatory developments. The Treasury doubled bond buyback operations, lowering yields and making riskier assets like crypto more attractive. President Trump's push for the Clarity Act, which aims to define crypto regulations, also contributed to the rally. Over $1.4 billion in short positions were liquidated, amplifying the price surge. Technical analysis suggests a potential target of $76,000, but Fed policy rem

President Trump criticized Fed interest rates, calling them 'ridiculous,' while the Treasury plans to double debt buybacks. He also announced severe economic measures against Iran and supported crypto with the 'Clarity Act.' SK Hynix shares surged 12% after a buyback announcement. Moderna and Merck shares rose following positive cancer vaccine trial results.

The Treasury announced it would double buybacks of longer-term notes, causing 30-year Treasury yields to drop to 5.194% and the Dow Jones to close up 0.22%. Fed minutes indicated potential rate hikes if inflation persists. Moderna's stock surged 175% after successful cancer vaccine trial data. Bitcoin rose above $68,000, driven by Treasury optimism and crypto legislation interest.