Bitcoin Touches $70,000 for the First Time Since June: What’s Driving the Rally

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The crypto market has snapped out of its summer slumber. Bitcoin briefly jumped to $70,000 on Wednesday, the first time since early June, and the largest cryptocurrency is currently trading at around $69,671, a gain of roughly eight percent within 24 hours. The move is even more pronounced for Ethereum: ETH added 17.6 percent to about $2,254. Anyone who read recently that the Clarity Act and geopolitics were blocking the ascent, or that bitcoin had only just bounced back to $64,000, is now getting the opposite programme.

The Largest Crypto Assets at a Glance

What stands out is the breadth of the move. It is not just the two heavyweights doing the pulling: Hyperliquid leads the field with a 23 percent daily gain, Chainlink has made up more than 20 percent over the week, and Solana, XRP and Zcash are each in double-digit territory. Only TRON and the Bitfinex token LEO are lagging, both slightly in the red on a weekly basis. Stablecoins such as USDT and USDC are holding their dollar peg, as expected.

Three Triggers at Once

Several factors came together to drive the rally. First, politics: U.S. President Donald Trump used a crypto event at the White House to urge Congress to take the next step and pass a fair version of the Digital Asset Market Clarity Act. Coinbase, Gemini, Ripple and Chainlink Labs were among the companies represented. In the Senate, too, there are growing signs of movement on the Clarity Act: Banking Committee Chairman Tim Scott told the SALT conference the bill has a good chance of advancing in September, with a procedural vote set for the middle of the month.