Bitcoin extends sharp rebound as crypto rally gathers pace

Bitcoin surged past $75,000 in an extended rally across Asia, marking a significant milestone in the cryptocurrency market. The price increase came after the US Treasury's announcement to rein in long-term bond yields and President Donald Trump's call for crypto legislation. Bitcoin reached a peak of $75,740 before settling at $74,806.41 at 8:30am UAE time, having climbed nearly 8% in the past 24 hours according to Coinbase data.

The market's enthusiasm for Bitcoin has been growing since US Treasury Secretary Scott Bessent announced a doubling of the department's bond buybacks, pushing the cryptocurrency's value up almost 20% this week. Optimism surrounding cryptocurrency was further fueled by a meeting between President Trump and industry leaders, including executives from Coinbase Global and Payward, who urged the Senate to pass the Clarity Act, a bill aimed at regulating the crypto market structure.

The president, a long-time supporter of cryptocurrency, has previously pledged to make the US the "crypto capital of the world" and has benefited from his own crypto investments. Ryan Lee, chief analyst at Bitget Research, emphasized that the US administration's efforts to establish a clearer policy framework for digital assets could serve as a model for other emerging markets in regulating the rapidly growing crypto industry.

However, Matthew Sigel, head of digital assets research at VanEck, cautioned that any ambiguity or political deadlock surrounding the Clarity Act could contribute to market volatility.