Trump's Clarity Call Sends Bitcoin Soaring to New Heights

Bitcoin surged to its highest price since early June, reaching $72k after US President Donald Trump called on Congress to pass a key regulatory act. The Clarity Act aims to establish a broad framework for cryptocurrency regulation in the US.

The rally saw over $1 billion in short positions liquidated within an hour, according to Coinglass data. This was part of a broader market rebound, with more than $2.7 billion in bearish positions wiped out across the crypto market.

Owen Yang, CEO of UPay, noted that the impact on Bitcoin's value proposition is less about changing its value and more about shifting ownership from retail investors to institutions.

The move also saw spot Bitcoin ETFs in the US pull in $517.19 million in net inflows on Wednesday, with eight out of 12 funds tracked seeing money come in.