Bitcoin Skyrockets 12% Amid Trump’s Advocacy for the CLARITY Act
Bitcoin made a triumphant comeback, surpassing $72,000 on Thursday, marking its highest level since June. This dramatic two-day rally was spurred by a high-profile White House event and a determined push by President Donald Trump to pass the long-awaited CLARITY Act before a crucial Senate vote in September.
The value of Bitcoin escalated by more than 5% on Thursday, reaching $72,383.99. This surge represents a total two-day gain of 12%, breaking weeks of stagnant trading between $62,000 and $66,000. Ethereum mirrored this explosive growth, soaring over 9% to trade near $2,289. Other major coins followed suit:
- Solana rose 10.83%
- XRP gained 10.29%
- DOGE climbed 7.3%
Cryptocurrency stocks also experienced a parallel surge, with Coinbase and Circle each seeing an increase of around 7%.
The rally was sparked on Wednesday when Trump convened with the CEOs of leading crypto companies — including Coinbase, Kraken, Robinhood, Ripple, and ChainLink — at the White House. He urged Congress to pass the CLARITY Act, a piece of legislation designed to clarify whether cryptocurrencies are regulated as securities or commodities. This move triggered a massive short squeeze, resulting in approximately $2.7 billion in crypto short positions being liquidated, as reported by CoinGlass. A pivotal Senate procedural vote is scheduled for September 15.
“Investors should now be positioning for a move to $100,000 by year-end 2026,” advised Geoffrey Kendrick, global head of digital assets research at Standard Chartered.
Source: CNBC – Bitcoin Surges 12% as Trump, Crypto Execs Lead Final Push for Clarity Act