Bitcoin climbs above $71,000 on Trump remarks and falling yields
Bitcoin surged 11% to $71,505.7 by 04:42 ET (08:42 GMT), touching $71,700 during the session, marking its highest price since early June. The rally triggered the liquidation of more than $1 billion in short positions within roughly an hour, and a record $2.7 billion of bearish positions across the broader cryptocurrency market were wiped out as tokens rallied.
The price jump coincided with a sharp decline in U.S. Treasury yields after the Treasury announced it would double the size of its debt‑buyback operations. The lower yields boosted risk appetite, contributing to the crypto rally.
In a parallel development, former President Donald Trump met with crypto industry leaders at the White House and urged Congress to pass a “fair version” of the Clarity Act, a bill intended to create a comprehensive regulatory framework for digital assets in the United States. Attendees included Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, CFTC Chair Mike Selig, and SEC Chair Paul Atkins. The Clarity Act has stalled in Congress amid disputes over stable‑coin yield payments and broader crypto regulation.
The article notes that filings in July showed Trump received more than $1.4 billion from his family’s crypto ventures, highlighting scrutiny of potential conflicts of interest. The CFTC is scheduled to meet with crypto executives later on Thursday to discuss further regulatory measures.
Crypto‑linked equities rose in tandem with Bitcoin. Coinbase Global shares gained about 7%, while Strategy, the Bitcoin treasury firm founded by Michael Saylor, jumped nearly 10%. Circle Internet Group, a stable‑coin issuer, rose 6%, and American Bitcoin, the mining and treasury firm co‑founded by Eric Trump, surged more than 11%. Riot Platforms, MARA Holdings, and Robinhood each advanced roughly 4%.
Altcoins outperformed Bitcoin during the rebound. Ether climbed 18.3% to $2,274.60, hitting a 15‑month high. XRP and Solana rose 14.2% and 13.4% respectively, BNB added 6.3%, and Cardano increased 8.5%. The memecoin $TRUMP surged 19.4%, while Dogecoin rose 9.8%.
The report was contributed by Vahid Karaahmetovic.