Bitcoin surges above $70K as Trump backs Clarity Act, Treasury ramps up buybacks

Bitcoin on Thursday surged above $70,000 – its highest level since June – as Treasury yields briefly plummeted and President Trump urged Congress to speed up passage of crypto-friendly legislation.Bitcoin jumped 4.6% to $72,475.25 – a roughly 12% gain over the past two days after the digital asset was trading near $63,000 earlier this week. Ether rose 3.4% to $2,329.96.Cryptocurrency firms like Coinbase, Strategy and Robinhood also saw gains of 8.2%, 6.6% and 0.4%, respectively. The crypto rally came as the Treasury Department announced a surprise move to ramp up debt buybacks, sending Treasury yields lower, while Trump pushed lawmakers to pass “a fair version of the Clarity Act,” a crypto regulation bill, before the end of the year. Bitcoin is still far off from its 2026 high of $94,820 in mid-January and all-time high of $126,198 last October, as crypto enthusiasts hoped the Trump administration would enact crypto-friendly policies.Nic Puckrin, founder of Coin Bureau, said he expects Bitcoin to continue climbing and eventually rise back above $100,000 – but not this year.“What we’re seeing right now is a relief rally and a short squeeze…but the broader macro backdrop still looks pretty hawkish,” Puckrin told The Post, nodding to the odds that the Fed hikes interest rates or investors sell off tech stocks – both of which could hit Bitcoin.“We also have the midterms coming up, and if it does end up being a clean sweep for the Democrats, crypto assets won’t like that.

I also don’t think the Clarity Act will pass this year, despite all the promises, so that disappointment will likely hit the Bitcoin price too,” he said.On Wednesday, Treasury yields nosedived after the Treasury Department said it would “at least double” its debt buybacks in an effort to counter soaring Treasury yields, which have pushed borrowing costs higher for consumers this summer.It triggered a massive push into crypto and a short squeeze that saw $2.7 billion...