Bitcoin roars past US$70,000 as yields sink, Trump sparks optimism
Bitcoin rose more than 3% to over US$71,500, its highest level since June 1
Bitcoin surged more than 3% to exceed US$71,500, marking its highest level since June 1. This milestone occurred due to US Treasury Secretary Scott Bessent's efforts to lower US bond yields and a crucial meeting between President Donald Trump and industry leaders. Other digital assets also experienced gains on the day. A Hyperliquid token saw a 23% increase in 24 hours, following Trump's comments about potential US regulatory options for the derivatives platform.
The broader crypto market rose alongside risk assets after US plans to repurchase longer-dated treasuries, causing yields to plummet and the dollar to hit a three-month low. Jeff Mei, BTSE's chief operating officer, explained that falling yields and a weakened dollar typically boost risk assets, which is precisely what Bitcoin experienced on Thursday.
This move adds to a 7% surge witnessed by Bitcoin on Wednesday, which erased US$2.7 billion in cryptocurrency short positions within a single day. Optimism returned to the crypto market on Wednesday after President Trump held talks with crypto executives from companies such as Coinbase Global, Payward, and Blockchain.com Group Holdings.
The optimism was further fueled by the Clarity Act, a proposed crypto market structure bill that had previously failed to secure a vote before the Senate's August recess.
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