Key facts
- Bitcoin price rose to approximately $71,730.46, an 11.43% increase over 24 hours.
- Over $3.35 billion in crypto positions were liquidated in the past 24 hours.
- Short liquidations amounted to $3.07 billion, significantly outweighing long liquidations.
- Donald Trump urged Congress to pass the CLARITY Act, which aims to define digital assets.
- The US Treasury's announcement to accelerate debt buybacks boosted investor risk appetite.
Bitcoin experienced a significant surge, climbing above $71,000 on Thursday, fueled by anticipation surrounding the CLARITY Act and a substantial wave of short liquidations. The cryptocurrency's price reached approximately $71,730.46, marking an 11.43% increase over 24 hours, according to CoinGlass data. This rally was accompanied by over $3.35 billion in crypto liquidations within the same period, with short positions accounting for the vast majority at $3.07 billion. The price movement represents a recovery from earlier lows near $63,000.
The surge in Bitcoin's price was largely attributed to Donald Trump's call for Congress to pass the CLARITY Act during a gathering of crypto and financial industry leaders at the White House. This proposed legislation aims to provide clearer definitions for digital assets and their regulation by U.S. authorities. Attendees at the event included prominent figures such as Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, Kraken co-CEO Arjun Sethi, ICE CEO Jeffrey Sprecher, SEC Chair Paul Atkins, CFTC Chair Mike Selig, and White House crypto advisor Patrick Witt.
Additionally, the U.S. Treasury's announcement regarding the acceleration of debt buybacks contributed to a heightened risk appetite among investors, further bolstering the crypto market's rally.