Bitcoin Soars on Renewed Optimism Around US Crypto Legislation

Bitcoin has surged to its highest level in two months, reaching $72,383.99 on Thursday, as renewed optimism surrounding U.S. crypto legislation and easing Treasury yields fueled a sharp rally across digital assets.

The world's largest cryptocurrency gained around 12% over the past two sessions, rebounding strongly from levels near $63,000 earlier this week.

The rally initially gathered momentum on Wednesday after Treasury yields declined sharply, providing relief to risk-sensitive assets. A large-scale short squeeze also contributed to the price increase, with approximately $2.7 billion worth of crypto short positions liquidated, according to CNBC.

Investor sentiment was further boosted after the White House hosted executives from major crypto companies, including Coinbase and Kraken, among others.

During the meeting, President Donald Trump urged Congress to advance a 'fair version' of the Clarity Act, a proposed crypto market structure bill that has emerged as a key focus for the U.S. digital asset industry.