Bitcoin Inches Towards $70,000 After Trump Calls For Passage Of Crypto Bill

Topline

Bitcoin led a rally in major cryptocurrencies and inched back towards $70,000 late on Wednesday after President Donald Trump hosted top crypto industry executives and called on Congress to pass the stalled cryptocurrency legislation known as the “CLARITY Act.”

Key Facts

The price of Bitcoin, the most valuable cryptocurrency, rose to $69,825, up more than 8.5% from Tuesday’s price.

This is the highest level Bitcoin has seen since early June, when it fell below $70,000.

The price of Ether, the second most valuable token, rose to $2,261.26—up more than 18.3% compared to Tuesday.

Other major cryptocurrencies also saw a bump, with Solana’s SOL, Binance’s BNB, XRP and the memecoin DOGE rising 11.5%, 4.3%, 10.6% and 7.3%, respectively.

What Do We Know About Trump’s White House Crypto Event?

Several crypto executives gathered at the White House on Wednesday for an event a day before the Commodity Futures Trading Commission is set to hold its first meeting of its Innovation Advisory Committee. At the event, Trump urged Congress to pass the long-stalled CLARITY Act, a piece of legislation backed by the industry. The president said: “We need Congress to take the next step by passing the Clarity Act, a fair version of the Clarity Act…It’s a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else.” The president described crypto as a “financial technology that has the potential to create more jobs, opportunity, and wealth for all Americans.”