Trump, Crypto Leaders Push Clarity Act as Bitcoin Surges

The price of Bitcoin (BTC) has surged over the past two days, rising more than 11% to its highest levels since June. The White House and crypto industry leaders have been pushing for the passage of the Clarity Act, a bill that aims to provide clarity on cryptocurrency regulations.

The rally began after Treasury yields pulled back sharply, easing pressure on risk assets and triggering a broader move into crypto. A massive short squeeze also contributed to the price increase, with $2.7 billion in crypto short positions liquidated.

President Donald Trump met with the CEOs of leading crypto companies, including Coinbase, Kraken, and Ripple, at a last-minute event where he urged Congress to pass a 'fair version' of the Clarity Act. The bill is seen as crucial for pushing the market out of the crypto winter.

However, the passage of the Clarity Act remains uncertain due to disagreements between Republicans and Democrats over ethics rules. Failure to clear a key hurdle could effectively end the bill's chances this year.