Bitcoin Jumps to $75k as Trump's Clarity Call Ignites Regulatory Hopes
Bitcoin's price surge to $75k levels was sparked by US President Donald Trump's call for clear regulation of cryptocurrencies during a White House summit earlier this week. The Clarity Act, which aims to establish a regulatory framework for the US crypto industry, has stalled in Congress due to disagreements over how it categorizes cryptocurrencies and stablecoins.
The uncertainty surrounding the passage of the act did not deter investors, as they continued to drive up prices. Bitcoin rose 8.1% on Friday to $74,772.6, briefly touching an intraday high of $75,591.6.
Crypto stocks also rebounded alongside Bitcoin's price surge, with Strategy Inc and Circle Internet Group Inc experiencing significant gains. The improving sentiment in the market was reflected in the U.S.-listed spot exchange-traded funds, which saw inflows of about $1 billion this week, their best weekly inflow since January.
The rally in crypto markets was also fueled by a broader bump up in risk appetite after the US Treasury Department announced it will double its bond buybacks to curb a spike in yields. This move contributed to a risk-on sentiment that benefited the entire market.