Bitcoin Jumps 12% as White House Pushes Congress on Crypto Bill

Bitcoin had been stuck in the mud for months. In the last two days, it remembered how to move.

Earlier in the week, bitcoin was changing hands near $63,000.

The upward move began Wednesday when a sharp drop in Treasury yields took the pressure off risk assets. That triggered a broader move and a short squeeze that liquidated about $2.7 billion in crypto short positions, according to CoinGlass. When short sellers are forced to buy back, it pushes prices even higher.

Crypto-related stocks also joined the party. Coinbase, Strategy, and another company each climbed roughly 7%, extending their prior session gains.

The White House Wants a Vote

The price move came alongside a flurry of political activity. President Donald Trump met with executives from Coinbase, Kraken, Robinhood, Ripple, and ChainLink, where he pressed Congress to approve a "fair version" of the Clarity Act by year's end.

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"We need Congress to take the next step by passing the Clarity Act," Trump said in a statement. He called it "a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else, will open the door to the next wave of innovations and innovators."