Bitcoin Rebounds to Near $70K on Trump's Clarity Act Push and Falling Yields

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Bitcoin Rebounds to Near $70K on Trump’s Clarity Act Push and Falling Yields

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Bitcoin Ethereum Cardano XRP Dogecoin Solana BNB

Bitcoin jumped 7.9% on Thursday after President Trump urged Congress to pass crypto regulation and the U.S. Treasury moved to double its debt buybacks, pulling yields lower. Ether and most major altcoins outpaced Bitcoin's gain as the broader market added roughly $200 billion in a day.

Bitcoin rose 7.9% to $69,387.7 by 02:06 ET, touching a near three-month high of $69,861.4 and stopping just short of $70,000. Starting from $64,400 the previous day, the rebound then extended further and pushed past $71,000 for the first time since early June, according to CryptoPotato.

Trump urges Congress to pass the Clarity Act

The rally followed Trump's call on Wednesday for Congress to pass the Clarity Act during a White House meeting with crypto industry leaders, including Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev. CFTC Chair Mike Selig and SEC Chair Paul Atkins also attended.

Disagreements over stablecoin yield payments have stalled the Clarity Act in Congress, a sticking point for banks that fear such yields could pull deposits from savings accounts. The meeting also came amid scrutiny of Trump family crypto profits, after July filings showed Trump received more than $1.4 billion from his family's crypto ventures.

Treasury buyback plan eases bond pressure

Falling yields added fuel to the rally after the Treasury said it will double the size of its debt buyback operations, raising them from $2 billion to at least $4 billion per operation starting September 9. The move came after the 30-year Treasury yield hit 5.34% on Tuesday, its highest level in nearly 20 years, before dropping back to 5.20%. Trump also paused tariffs against Canada and cut others from 25% to 15%, adding to the risk-on mood.

Altcoins outrun Bitcoin's climb

Ether jumped 17% to $2,244.60, a 15-month high, while XRP and Solana each rose 10%. BNB added 3.8% and Cardano gained 4%, and the TRUMP memecoin surged 16.9% while Dogecoin added 6.4%. The total crypto market cap grew by roughly $200 billion in less than 24 hours, with bitcoin's own market cap up over $100 billion to $1.410 trillion.

The CFTC is scheduled to meet with crypto executives again later Thursday to discuss further regulation.

Sources: Investing.com, CryptoPotato, CryptoPotato

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