Bitcoin Hits $72k Amid Trump's Call for Clarity Act Passage

Bitcoin surged to $72,006.7 on Thursday, marking a 10.7% increase after U.S. President Donald Trump called for Congress to pass the Clarity Act, a key regulatory bill. This rally led to over $1 billion in short positions being liquidated within an hour.

The improved risk appetite also contributed to the surge, following the U.S. Treasury's decision to double its debt buyback operations, which sparked a sharp drop in yields.

Owen Yang, CEO of UPay, stated that 'for BTC, I think the bigger impact is less about changing its value proposition and more about changing who holds it.' The ownership of Bitcoin may shift from retail investors towards institutions over time, he added.