Bitcoin jumps past $70,000 as Trump urges Congress to pass Clarity Act

Bitcoin surged past the $70,000 threshold on Thursday, reaching levels reported between $71,700 and $72,000 after President Donald Trump publicly urged Congress to pass the Clarity Act, a bill that would lay out a regulatory framework for digital assets.

The market move followed a White House gathering on Aug 19 that placed Trump alongside CFTC chairman Michael Selig, crypto adviser Patrick Witt and executives from leading blockchain firms. Reuters photographer Kylie Cooper captured the moment, which the administration framed as an effort to provide “clear rules” for a sector that has been wrestling with regulatory uncertainty.

Media additions

Within hours of the meeting, the Treasury Department announced that Secretary Scott Bessent would double the size of its buybacks of long‑duration Treasury bonds. The policy shift came after a sharp sell‑off had driven the 30‑year Treasury yield to its highest level since 2007. Analysts noted that the Treasury’s intervention was relatively modest but gave a positive signal that helped steadier yields, a factor traditionally seen as supportive of risk‑heavy assets such as cryptocurrency.

"The rally (in crypto) was then fueled by a wave of short‑covering, following weeks of extremely narrow trading,"

Alex Kuptsikevich, chief market analyst at FxPro, via The Globe and Mail

Data compiled by several outlets show a consistent upward swing. The Globe and Mail reported a 3.8 % rise that pushed Bitcoin across the $70,000 mark, while the Economic Times live blog logged a 3.4 % gain that carried the price to about $71,700. Yahoo Finance, covering the early‑morning session on Aug 20, recorded a 5 % jump that lifted the coin to $72,000, noting that the cryptocurrency had climbed from $64,000 over the previous 24 hours.

Ethereum mirrored Bitcoin’s momentum. Both The Globe and Mail and the Economic Times noted a 3.3 % rise that marked the token’s highest level in more than three months. Yahoo Finance, however, highlighted a sharper 9 % surge that took Ether to $2,288.91.

Altcoins also registered notable gains. Yahoo Finance listed Solana, XRP and Dogecoin as each gaining more than 6 %, while The Globe and Mail mentioned a broader rally across the crypto space. Hyperliquid’s native token leapt 25 % after Trump singled out the decentralized exchange for regulatory support, an observation echoed by Yahoo Finance.

Equity‑linked crypto stocks rally

Shares of companies tied to the digital‑asset ecosystem rose alongside the price spikes. Coinbase advanced 5.7 %, and Bitcoin miner Canaan surged 12.5 %, according to The Globe and Mail. Stablecoin issuer Circle climbed 3.8 % and retail trading platform Robinhood added 1 %. Yahoo Finance referenced the broader market lift that accompanied the Treasury’s bond‑buyback announcement.

Conversely, traditional equity markets showed mixed signals. The Economic Times live feed recorded Dow E‑mini futures slipping 103 points (0.19 %) and the S&P 500 and Nasdaq 100 futures each slipping marginally as bond yields resumed their upward trajectory. Retail heavyweight Walmart fell 5.8 % in pre‑market trade after reporting a quarterly sales miss, adding a note of caution to the overall sentiment.

Oil prices rose 2.7 %, extending a five‑session gain driven by stalled U.S.–Iran negotiations and supply concerns in the Middle East, as reported by the Economic Times.

Policy backdrop and divergent angles

The Treasury’s decision to double bond repurchases was framed as a move to temper the “major bond sell‑off” that had spiked yields on both long‑ and short‑dated Treasurys. Yahoo Finance linked the resulting yield decline to the boost observed in crypto and other risk assets. The Globe and Mail, however, cautioned that the intervention was relatively small and offered only short‑lived relief for the bond market, though it still supplied a positive signal for digital assets.

Federal Reserve minutes from the July meeting, released on Wednesday, revealed that “several” policymakers were ready to raise rates if inflation did not move toward the 2 % target, while “many” said a hike would be needed. The Economic Times highlighted this backdrop as a factor that traditionally weighs on risk‑heavy holdings such as cryptocurrency.

Trump’s advocacy for the Clarity Act added a fresh legislative dimension. The president’s call for Congress to enact the bill was reiterated in the White House briefing and again in his public remarks on Aug 20, according to Yahoo Finance. The bill aims to provide a detailed regulatory framework, a point underscored by all three outlets.

Yahoo Finance also noted that Trump and his family have several ventures tied to the crypto industry, with estimates that the former president earned $1.4 billion from cryptocurrency‑related activities during his first year back in office. The Globe and Mail added that