Trump's Crypto Push Sends Bitcoin Past $77,000

Bitcoin's price surged past $77,000 for the first time since May after President Trump pushed Congress to pass a crypto bill. The meeting, which took place at the White House on Wednesday, brought together nearly two dozen crypto executives, including the heads of Coinbase and Robinhood.

The CLARITY Act, which aims to give bitcoin and other digital assets clear legal rules, remains stalled in the Senate despite Trump's push. However, regulatory moves made this week have fueled the rally. The Office of the Comptroller of the Currency said stablecoin issuers can begin applying in January to issue payment stablecoins under new rules.

The SEC also proposed letting startups raise funds through tokens without running into securities law problems. Meanwhile, Treasury Secretary Scott Bessent moved to calm the bond market after a sell-off pushed the 30-year yield to its highest point since 2007.

As a result of these developments, Bitcoin's price rose sharply, while other tokens such as Ether, Solana's SOL, Binance's BNB, XRP, and Dogecoin also gained significant value. Over $1.25 billion in short positions were liquidated in a single day, including about $750 million tied to bitcoin.