Bitcoin Surges Over 20% Amid Trump's Crypto Summit and Treasury Buybacks

Bitcoin has surged more than 20% in the last week, pulling out of its long-running bear market. The cryptocurrency's price increase was largely driven by President Donald Trump's crypto summit and increased Treasury buybacks.

The White House event saw Trump call on US lawmakers to pass a 'fair version' of the CLARITY Act, a landmark crypto bill that would establish a regulatory framework for digital assets. This has been interpreted as a sign that Trump is creating a market environment friendly to digital asset investors.

Trump also referred to how he appointed Paul Atkins, a longtime cryptocurrency advocate, to the head of the Securities and Exchange Commission at the start of his second term. The move is seen as an attempt to 'end the war on crypto once and for all.'

The surge in Bitcoin's price has been described as 'historic' from a technical perspective by Paul Hickey, co-founder of Bespoke Investment. The token is now trading more than 5 standard deviations above its 50-day moving average, reflecting momentum that hasn't been seen since 2016.