Bitcoin Surges Past $75,000 as Treasury Intervenes and Trump Backs CLARITY Act

The price of Bitcoin has broken through the $75,000 mark for the first time since May, as part of a broader cryptocurrency surge that began on Wednesday.

The rally was fueled by Treasury Secretary Scott Bessent's decision to intervene in the bond market and President Donald Trump's call for Congress to pass the CLARITY Act, which would establish legal guidelines on digital assets.

Ether, the second-most valuable cryptocurrency, rose to $2,363 early Friday, up more than 25% from the previous week. Other major tokens such as Solana's SOL, Binance's BNB, XRP, and DOGE also saw significant gains.

Data on Coinglass showed that short sellers were heavily affected by the surge, with over $1.25 billion worth of crypto short positions being liquidated in the past 24 hours.