Bitcoin Surges Above $70K as Trump Backs Crypto-Friendly Legislation

Bitcoin surged above $70,000 on Thursday for the first time since June as President Trump urged Congress to pass crypto-friendly legislation and Treasury yields briefly plummeted.

The digital asset jumped 4.6% to $72,475.25, a roughly 12% gain over the past two days after trading near $63,000 earlier this week.

Ether rose 3.4% to $2,329.96, while cryptocurrency firms like Coinbase, Strategy, and Robinhood saw gains of 8.2%, 6.6%, and 0.4% respectively.

The crypto rally came as the Treasury Department announced a surprise move to ramp up debt buybacks, sending Treasury yields lower.

Nic Puckrin, founder of Coin Bureau, expects Bitcoin to continue climbing but notes that the broader macro backdrop still looks 'pretty hawkish', with potential risks from interest rate hikes or investors selling off tech stocks.