Bitcoin Surges to Nearly $72,000 on SEC Regulations and Trump's Comments
Bitcoin surged to nearly $72,000 on Thursday morning, up over 7% on the day and 12% on the week. Ethereum did even better, opening at 17.5%, while XRP rose by 13%. The catalyst for this sudden move came from Washington D.C., where the SEC proposed historic regulations for crypto assets. US President Trump also weighed in, stating that the country is considering buying large amounts of bitcoin and urging Congress to pass CLARITY before its September procedural vote.
The price action was further fueled by news that the U.S. Treasury would double its long-end buybacks, sending long-term yields lower. This move is seen as bullish for equities and hard assets like gold. In fact, some analysts believe that returning to a gold standard is not possible, but buying 30-year paper can shrink net debt through coupon mechanics.
Not everyone was impressed by the Treasury's actions, with some pointing out that the move may be seen as altering issuance to juice the economy before an election. However, there was broad consensus that it was good for hard assets. With all this positive news and price action, it's hard not to be a permabull again.