Bitcoin climbs past $75,000 in extended Asia crypto rally

Bitcoin surged past the $75,000 threshold in Asia's extended trading session, continuing its momentum that started on Wednesday. This rise was triggered by the US Treasury's announcement to curb long-term bond yields and President Donald Trump's call for crypto legislation. The cryptocurrency peaked at $75,740, but later dropped to $74,806.41 at 8:28am UAE time.

Bitcoin has gained nearly 8 percent in the last 24 hours, according to Coinbase data. The enthusiasm around Bitcoin has been growing, with Treasury Secretary Scott Bessent's decision to double the size of bond buybacks contributing to this enthusiasm. Bitcoin's price has jumped almost 20 percent this week. The optimism around cryptocurrency was further boosted by President Trump's meeting with industry leaders, including executives from Coinbase Global and Payward.

Trump urged the Senate to pass the Clarity Act, a bill for crypto market structure that has been stalled due to a dispute over ethics provisions. Trump, who is a proponent of cryptocurrency, promised to make the US the 'crypto capital of the world' and has profited from his own crypto ventures. He advocated for a fair version of the Clarity Act during his campaign.

Ryan Lee, chief analyst at Bitget Research, highlighted that the US administration's effort to establish a clearer policy framework for digital assets could serve as a template for other emerging markets to regulate their fast-growing crypto industry. In the coming weeks, the market will be in a wait-and-watch mode to see if the political will translates into legal progress.

Matthew Sigel, head of digital assets research at VanEck, stated that Bitcoin's price reaction is not solely due to the US Clarity Act. Instead, it is a result of the US Treasury's actions, reigniting fears of fiscal dominance.