Bitcoin Soars to $72K on Trump's Call for Cryptocurrency Legislation
Bitcoin surged to its highest level since late May on Thursday, breaching $72K and reaching a new high. The price increase was partly due to President Donald Trump's call for Congress to advance cryptocurrency legislation, specifically the Clarity Act.
The proposed bill would place Bitcoin under commodity regulations rather than securities laws. This move has been supported by regulators and crypto executives alike.
However, US stocks struggled on Thursday, with the Dow Jones Industrial Average falling 624 points, the S&P 500 declining 0.71%, and the Nasdaq Composite dipping over 1%.