Bitcoin Surges Past $70,000 as Regulation Hopes Rise

Bitcoin's value surged past $70,000 for the first time in over two months on Thursday, rising by nearly 12% as investors became more optimistic about cryptocurrency regulation.

The rally was fueled by renewed hopes for progress on the Clarity Act, a proposed market-structure bill intended to clarify the regulatory framework for digital assets in the US.

Additionally, lower US Treasury yields and a weaker dollar also contributed to the surge. Lower bond yields tend to support cryptocurrencies and other risk assets by reducing their appeal as interest-bearing investments.

The value of Bitcoin's market capitalization rose 11.1% over the past 24 hours to $1.43 trillion, while its daily trading volume surged over 260% to $60.8 billion.