Bitcoin Blasts Past $72K as Trump Urges Crypto Legislation
Bitcoin surged above $72,500 on Thursday, its highest level since late May, as President Donald Trump urged Congress to advance cryptocurrency legislation. The broader market conditions also supported digital assets, with Bitcoin rising 6.6% to $72,644.
Ethereum gained 11%, and XRP advanced 19%. Hyperliquid's token jumped 15% after Trump said Commodity Futures Trading Commission Chairman Mike Selig was working to bring the decentralized exchange to the US.
The gains followed calls from Trump, regulators, and cryptocurrency executives for Congress to pass the Clarity Act, which would place Bitcoin and other cryptocurrencies under commodity regulations rather than securities laws. The bill is scheduled for a procedural vote on September 15.
Despite the rally, analysts are cautious, as bond yields gained on Thursday, putting pressure on US stocks. However, cryptocurrencies seemed to shrug off the higher borrowing costs for now.