Bitcoin surges 11% in two days as Trump, crypto execs lead last ditch effort for Clarity Act

Bitcoin is trading at its highest levels since June thanks largely to a last-ditch push from the White House and crypto industry leaders to get the Clarity Act across the finish line in the coming weeks.

The price of bitcoin rose more than 5% on Thursday to just below $72,000 and its highest level since June 1. The move brings its two-day gain to more than 11%. Earlier this week, it traded at the $63,000 level.

Crypto stocks followed suit, with Coinbase and Circle up around 6% each and Strategy jumping more than 9% in premarket trading Thursday, building on their rallies from the prior session.

Bitcoin (BTC) this week

The rally began Wednesday when Treasury yields pulled back sharply, easing pressure on risk assets. That helped trigger a broader move into crypto that was later amplified by a massive short squeeze, with roughly $2.7 billion in crypto short positions liquidated, according to CoinGlass.

On the same day, the White House hosted the CEOs of leading crypto companies – including Coinbase, Kraken, Robinhood, Ripple and ChainLink – at a last-minute event in which President Donald Trump urged Congress to pass "a fair version" of the crypto market structure bill known as the Clarity Act before the end of the year. The meeting came in advance of the Commodity Futures Trading Commission's inaugural Innovation Advisory Committee meeting taking place Thursday.