Trump's Crypto Push Sends Bitcoin Soaring Above $71,500
US President Donald Trump's call for Congress to pass legislation establishing clear rules for digital assets has boosted cryptocurrency-related stocks. The Clarity Act, a top policy priority for the industry, would define whether cryptocurrencies qualify as securities or commodities, clarifying jurisdiction between regulators.
The Treasury Department's move to double buyback sizes for long-duration debt also contributed to the rally in crypto, despite being relatively small and offering only short-lived relief. Higher yields typically increase returns on safer investments, making risk assets like cryptocurrencies less attractive.
Crypto stocks surged after Trump's comments, with Bitcoin up 3.48% at $71,505, having crossed the $70,000 mark for the first time since June. The world's largest cryptocurrency has lost about 18% so far this year and remains down about 43% from its record high in October.