Bitcoin is trading at its highest ranges since that June thanks mostly to a last-ditch push from the White House and crypto industry leaders to get the Clarity Act across the end line within the coming weeks.
The price of bitcoin increased more than 5% on Thursday to $72,383.99 and its highest level since June 1. The move brings its 2-day advantage to 12%. Earlier this week, it traded at the $63,000 level.
Crypto stocks followed suit, with Coinbase and Circle up around 7% every along with Strategy, building on their rallies from the prior session.
The rally started out Wednesday while Treasury yields pulled back significantly, easing pressure on risk assets. That supported trigger a wider move into crypto that was later enhanced by a big short squeeze, with kind of $2.7 billion in short positions liquidated, as per CoinGlass.
On the same day, the White House hosted the CEOs of leading crypto companies – inclusive of Coinbase, Kraken, Robinhood, Ripple and ChainLink – at a last-minute events in which President Donald Trump entreated Congress to pass “a fair version” of the crypto market structure bill called the Clarity Act before the end of the year. The meeting came in advance of the Commodity Futures Trading Commission’s inaugural Innovation Advisory Committee meeting taking place Thursday.
“We want Congress to take the next step by passing the Clarity Act – a fair version of the Clarity Act,” Trump mentioned in opening remarks. “It’s a very, very powerful structured legislation which will keep ahead of China, keep us ahead of everyone, will open the door to the next wave of innovations and innovators.”
Trump’s call for a “fair version” shows the sticking factor with Democrats, who’ve driven for tougher ethics policies that would prevent the president and other public officials from personally profiting from crypto, at the same time as Republicans have resisted provisions they view as overly targeted or restrictive.
The Clarity Act is broadly viewed as a key catalyst that could push the market out of the crypto winter that commenced last fall. Investors had begun to view the bill as effectively dead for 2026 after the Senate left for its August recess without a vote, and with negotiations still hung up over the ethics provision and other differences between Republicans and Democrats.
Failure to clear a key hurdle, the Senate’s first procedural vote on Sept. 15, could effectively end the bill’s chances this year as other priorities steal focus heading into the midterm elections.
Bitcoin is still trading approximately 40% off its October 2025 high of about $126,000.
