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.