Bitcoin Blasts Past $72,000 Amid Treasury Buyback Frenzy and Trump's Clarity Call
Bitcoin has been on a tear, pushing above $72,000 as of Thursday morning in Europe. The price surge comes after a strong rally, with BTC increasing by more than 3.5% over the past 24 hours and 15% higher since Monday.
The Treasury Secretary's announcement of debt buybacks has been cited as one of the bullish catalysts behind the rally. President Trump also weighed in during a White House crypto event, telling Congress to move on the Clarity Act.
Crypto-related equities have rallied alongside Bitcoin, with Strategy (MSTR) up 10% in pre-market after gaining 13% on Wednesday. Bullish (BLSH), the parent company of CoinDesk, has also seen a surge, rising by 5% following a gain of over 9% on Wednesday.
Bitcoin's move above $71,000 has reclaimed several key technical and on-chain levels, according to checkonchain data. This includes the short-term holder cost basis at $67,138, which represents the average acquisition price of coins held for less than 155 days.