Bitcoin Hits May High After Trump Urges Clarity Act
Bitcoin surged to $72,772.3 after President Donald Trump called on Congress to pass the Clarity act to establish a U.S. cryptocurrency regulatory framework.
Bitcoin rose to $72,772.3 on Thursday, marking its highest price since May. The rally followed a White House meeting where Donald Trump urged Congress to pass a fair version of the Clarity act, a proposed legislative framework intended to regulate cryptocurrencies in the United States.
The legislation has previously stalled over disputes regarding the nature of digital assets and stablecoin yield payments. The market response to the president's call for regulation triggered the liquidation of $2.7 billion in bearish positions and drove $517.19 million in net inflows into U.S. spot Bitcoin ETFs, with BlackRock's IBIT leading the gains. Shares of crypto-linked companies, including Coinbase Global and MicroStrategy, also increased.
The meeting included the chairs of the Securities and Exchange Commission and the Commodities Futures Trading Commission. The latter agency is scheduled to meet with crypto executives to further discuss regulation. These developments occur as the Trump family's own cryptocurrency ventures reportedly earned more than $1.4 billion in July.
Keep reading in the app
The full story and every source, free in the app.
Coming soonGoogle Play