Bitcoin has surged above $75,000 for the first time since May, extending a sharp cryptocurrency rally that has lifted major digital assets across the market. The move followed President Donald Trump’s call for Congress to pass the industry-backed CLARITY Act and a Treasury intervention aimed at easing pressure in the bond market. Bitcoin reached $75,268 early Friday, gaining more than $10,000 in just two days. The rally also triggered more than $1.25 billion in crypto short-position liquidations over 24 hours.
Bitcoin Breaks Above $75,000
Bitcoin, the largest cryptocurrency by market value, climbed to $75,268 early Friday. It was the first time since May that the digital asset had crossed the $75,000 threshold. The rapid move marked a sharp reversal after bitcoin had traded below that level earlier in the week. The rally was not limited to bitcoin. Ether, the second-largest cryptocurrency, reached $2,363 early Friday and was up more than 25% from the previous week.
Trump Pushes Congress on the CLARITY Act
The crypto rally accelerated after Trump hosted several cryptocurrency executives at the White House on Wednesday. During the event, Trump urged Congress to advance the CLARITY Act, legislation backed by the crypto industry that would establish legal guidelines for digital assets. Trump said passing the legislation would help the United States remain ahead of China and other countries in the digital asset sector. Bitcoin moved above $70,000 after the event, marking the first time it had reached that level since early June, according to the source material.
Treasury Bond Move Adds Fuel to the Rally
The cryptocurrency surge also came as Treasury Secretary Scott Bessent intervened in the bond market. The move followed a sell-off in long-duration Treasury bonds that pushed the 30-year Treasury yield to its highest level since 2007. The source material links the bond-market pressure to concerns surrounding the war in Iran and U.S. national debt, described there as reaching $40 billion. Bessent announced that the Treasury Department would double its buyback of long-dated bonds. The intervention helped ease pressure in the bond market and encouraged investors to move back toward riskier assets, including cryptocurrencies.
Other Major Cryptocurrencies Jump
Bitcoin was not the only digital asset to benefit. Solana's SOL gained 7% over the previous 24 hours, while Binance's BNB rose 6.4%. XRP climbed 19.3%, and Dogecoin jumped 11.3%. The broad-based gains showed that the latest move was affecting both major cryptocurrencies and more speculative tokens.
Short Sellers Take Heavy Losses
The speed of the rally put significant pressure on traders betting that cryptocurrency prices would fall. Data from CoinGlass showed that more than $1.25 billion worth of crypto short positions were liquidated during the previous 24 hours. About $750 million of those liquidations involved bets against bitcoin. When prices rise sharply, traders holding leveraged short positions can be forced to close their bets, potentially adding further buying pressure to the market.
Why the CLARITY Act Matters
The CLARITY Act is backed by the cryptocurrency industry and is intended to establish legal guidelines for digital assets. Trump's public support gives the legislation a prominent advocate as Congress considers whether to move it forward. For cryptocurrency investors, clearer rules could affect how digital assets are regulated and traded in the United States. The White House push therefore added a policy catalyst to a market already responding to changes in broader financial conditions.
What Comes Next
Bitcoin's next test will be whether it can hold above $75,000 after the rapid two-day advance. Investors will also be watching Congress for movement on the CLARITY Act and tracking the Treasury's approach to the bond market. With more than $1.25 billion in short positions already liquidated, traders will be closely watching whether the rally attracts further buying or begins to cool.
FAQ
What is Bitcoin's price after the latest rally?
Bitcoin reached $75,268 early Friday, marking its first move above $75,000 since May.
Why is Bitcoin rising?
The rally followed Trump's call for Congress to pass the CLARITY Act and a Treasury intervention in the bond market that helped encourage risk-taking.
What is the CLARITY Act?
The CLARITY Act is legislation backed by the cryptocurrency industry that would establish legal guidelines for digital assets.
How much crypto was liquidated during the rally?
More than $1.25 billion in cryptocurrency short positions were liquidated over 24 hours, including about $750 million in bitcoin short positions.
Which other cryptocurrencies gained?
Ether rose to $2,363 and was up more than 25% from the previous week. Solana's SOL, Binance's BNB, XRP and Dogecoin also posted gains over the previous 24 hours.
