Bitcoin Blasts Past $75K on US News Boost

Bitcoin has broken through $75,000 for the first time since late May, following a dramatic 48-hour price surge of over $11,000. The rally was sparked by news from the US Treasury Department and a major crypto event at the White House.

The cryptocurrency had been stuck in a tight trading range between $62,000 and $63,000 for weeks, but Wednesday's rally saw it skyrocket to nearly $76,000 before settling at $75,000. Analyst Ali Martinez believes that the bull market has begun, citing strong support between $62,000 and $63,000.

Many altcoins have also recorded impressive gains, with Ethereum (ETH) rising from $1,900 to almost $2,400 and Ripple's XRP successfully defending its $1.00 support price.