Bitcoin Soars Past $70,000 as Trump Mentions Government Purchase
Bitcoin broke through the $70,000 barrier on Wednesday for the first time in 78 days. The move came after President Donald Trump mentioned that a 'sizable' government Bitcoin purchase has 'been talked about.' This remark provided a significant boost to the cryptocurrency.
The rally gathered momentum throughout the session as Treasury yields fell and the dollar weakened. In addition, institutional demand returned, with U.S. spot Bitcoin ETFs attracting nearly $487 million in two-day inflows. The short squeeze was brutal, with crypto shorts losing $1.23 billion in a single hour.
The White House hosted crypto executives, regulators, and traditional financial firms on Wednesday, discussing market structure, tokenization, and digital-asset regulation. Senate action on the CLARITY Act is expected to resume in September after it stalled before the August recess.