Bitcoin Surges Past $72k as Trump Calls for Crypto Regulation

Bitcoin surged on Thursday to its highest price since May 31, reaching $72,772.3 after President Donald Trump called for Congress to pass a key regulatory act.

The Clarity Act aims to establish a broad regulatory framework for cryptocurrencies in the United States, and Trump urged lawmakers to pass a 'fair version' of the bill during a meeting with industry leaders at the White House on Wednesday.

Several top crypto executives attended the meeting, including Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev. The CFTC is set to meet with crypto executives later on Thursday to discuss more regulation.

The rally in Bitcoin also led to a record $2.7 billion in bearish positions being wiped out across the broader crypto market. Spot Bitcoin ETFs in the U.S. pulled in $517.19 million in net inflows on Wednesday, with BlackRock's fund accounting for the bulk at $284.7 million.

Owen Yang, CEO of UPay, said that 'for BTC, I think the bigger impact is less about changing its value proposition and more about changing who holds it.' He suggested that ownership may gradually shift from retail investors toward institutions over time.