Bitcoin Breaks $72K Barrier as Altcoin Surge Continues

Bitcoin has broken above $72,000 for the first time since early June, while altcoins like ether and XRP have surged by over 20% in the past 24 hours.

The rally comes as traders are betting on a tailwind from several small regulatory wins this week. The Treasury Department's announcement that it will step up government debt buybacks is seen as stabilizing for markets and good for risk assets.

President Donald Trump also hinted that Commodity Futures Trading Commission Chair Mike Selig was working on a way to allow DeFi platform Hyperliquid to legally operate in the U.S., which added to the positive sentiment. The Securities and Exchange Commission's proposed rules to allow crypto startups to raise capital through token offerings have also contributed to the market's optimism.

Crypto-linked stocks Coinbase (COIN) and Strategy (MSTR) were each up more than 7% in recent trading.