BTC Surges $4,400 in 50 Minutes as US Government Shows Crypto Support

BTC and ETH saw a significant surge in price this week, with BTC adding $4,400 in just fifty minutes on Thursday morning, touching $69,500 and liquidating approximately $1.1 billion of shorts within an hour.

This move was largely driven by the U.S. government's positive stance towards crypto, with SEC Chairman Paul Atkins calling the agency's new proposal a 'historic step' to modernize federal securities regulations for crypto assets.

Additionally, President Trump announced that the United States is considering buying sizable amounts of BTC, and he urged Congress to pass the CLARITY Act ahead of its September procedural vote. The CFTC Chair also expressed interest in bringing Hyperliquid into the U.S. in a fully compliant and legal fashion.