Bitcoin Surges Past $69,000 After Trump Calls for Passage of CLARITY Act

Bitcoin's price surged past $69,825 on Wednesday after President Donald Trump urged Congress to pass the 'CLARITY Act', a stalled cryptocurrency legislation. The president called for the passage of the bill at a White House event attended by top crypto industry executives, including Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev.

The CLARITY Act aims to provide clarity on how cryptocurrencies should be regulated in the US. Trump described crypto as 'a financial technology that has the potential to create more jobs, opportunity, and wealth for all Americans.'

Bitcoin's price increase of over 8.5% marks a significant rebound from Tuesday's prices, reaching its highest level since early June when it fell below $70,000. The price of Ether also rose by 18.3%, while other major cryptocurrencies such as Solana's SOL and Binance's BNB saw increases of 11.5% and 4.3% respectively.