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Bitcoin (COIN:BTCUSD) powered above $71,000 on Thursday as improving expectations for U.S. cryptocurrency regulation and a sharp retreat in Treasury yields triggered a broad rebound across digital assets.
The world’s largest cryptocurrency received another boost from improving risk sentiment after the U.S. Treasury announced plans to double the size of its debt buyback operations. The move sent government bond yields sharply lower, creating a more supportive environment for speculative assets.
Bitcoin jumped 11% to $71,505.7 by 04:42 ET (08:42 GMT), having briefly traded as high as $71,700. That marked its strongest level since early June.
The speed of the rally inflicted heavy losses on traders positioned for further declines. Coinglass data showed more than $1 billion in Bitcoin short positions were liquidated in around an hour, while bearish liquidations across the wider cryptocurrency market reached a record $2.7 billion.
Investors were still monitoring geopolitical risks, however, as oil prices extended their advance following President Donald Trump’s threat of tougher economic measures against Iran.
<a href="https://xpertsstudio.com/white-house-crypto-meeting-trump-pushes-clarity-act-as-bitcoin-above-70k/" title="White House Crypto Meeting: Trump Pushes Clarity Act as Bitcoin Above $70K”>White House meeting puts Clarity act back in spotlight
The regulatory backdrop improved after Trump met cryptocurrency industry leaders at the White House on Wednesday and urged Congress to move ahead with the Clarity act.
Trump called for lawmakers to approve a “fair version” of the legislation, which cryptocurrency advocates say could provide the U.S. digital asset industry with a comprehensive regulatory framework.
Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev were among the industry executives attending the meeting. U.S. Commodity Futures Trading Commission Chair Mike Selig and Securities and Exchange Commission Chair Paul Atkins also participated.
The Clarity act has struggled to progress through Congress as lawmakers remain divided over fundamental aspects of cryptocurrency regulation.
One particularly contentious issue involves yield payments on stablecoin deposits. Banks have argued that allowing stablecoins to generate such returns could draw deposits away from conventional interest-bearing savings products.
Trump’s push for the legislation comes amid continued scrutiny of his family’s financial interests in the cryptocurrency industry. Filings released in July indicated that Trump received more than $1.4 billion from crypto ventures associated with his family.
Regulatory discussions are set to continue, with the CFTC scheduled to meet cryptocurrency executives later on Thursday.
Source: uk.finance.yahoo.com