Bitcoin Surges Past $71K Amid Regulatory Clarity Hopes
Bitcoin surged 11% to trade above $71,000 on Thursday, marking a two-month high. The rally added nearly $190 billion to the total crypto market capitalization.
The move comes after President Donald Trump addressed tech leaders, including executives from the crypto industry. He called on Congress to pass the Crypto CLARITY Act and said the Commodity Futures Trading Commission (CFTC) was working on bringing Hyperliquid to the US market.
US spot Bitcoin ETFs saw combined outflows of $385.2 million between August 10 and 14, but attracted $651 million over the following three trading sessions, according to Vikram Subburaj, CEO of Giottus.
Bitcoin implied volatility briefly surged above 40 from around 35 before easing toward 37.5, highlighting the scale of the repricing, said Riya Sehgal Research Analyst Delta Exchange.