Bitcoin climbs as Trump and crypto CEOs push Clarity Act

Bitcoin gained more than 5% on Thursday, reaching $72,383.99, its highest price since June 1, and marking a 12% rise over two days. The rally extended to crypto-related stocks, with shares of Coinbase, Circle and Strategy each climbing about 7%.

The upward move followed a sharp decline in Treasury yields on Wednesday, which eased pressure on risk assets and helped spark a broader shift into digital assets. A short squeeze later liquidated roughly $2.7 billion in crypto short positions, according to data from CoinGlass.

The same day, the White House hosted CEOs from major crypto firms—including Coinbase, Kraken, Robinhood, Ripple and ChainLink—at a meeting where President Donald Trump urged Congress to pass “a fair version” of the market-structure bill known as the Clarity Act before year-end.

"We need Congress to take the next step by passing the Clarity Act – a fair version of the Clarity Act," Trump said in opening remarks. "It's 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."

Democrats have sought stricter ethics rules to prevent officials from profiting personally from crypto, while Republicans have opposed provisions they view as overly restrictive. The bill is seen as a potential catalyst to end the market’s downturn that began last fall, though its future remains uncertain after the Senate missed a procedural vote scheduled for September 15. Bitcoin continues to trade about 40% below its October 2025 peak of roughly $126,000.