Bitcoin surges past $70,000 on falling US yields, regulatory hopes

Bitcoin surged past $70,000 on Thursday for the first time since early June, climbing to approximately $71,700 as falling US Treasury yields boosted demand for risk assets. The rally accelerated following President Donald Trump's meeting with cryptocurrency executives, which revived market hopes for regulatory clarity in the United States.

Regulatory optimism builds

President Donald Trump hosted executives from Coinbase, Kraken operator Payward, and Blockchain.com at the White House on Wednesday, reviving hopes for progress on the Clarity Act — a proposed market-structure bill that failed to reach a Senate vote before the August recess. Bitcoin posted its strongest daily gain since March during Wednesday's session, while approximately $2.7 billion in bearish cryptocurrency positions were liquidated over 24 hours, according to data from crypto market tracker CoinGlass.

Treasury moves and dollar weakness

The US Treasury announced plans to increase buybacks of longer-term government debt, pushing yields sharply lower and sending the dollar to its weakest level in three months. Lower bond yields tend to support cryptocurrencies by reducing the appeal of interest-bearing investments, while a weaker dollar makes dollar-denominated assets more attractive to overseas investors. Ethereum rose 18.6% to around $2,270, while the broader crypto market climbed 10.23% to $2.42 trillion.

Bitcoin's market capitalization rose 11.1% over the past 24 hours to $1.43 trillion, while daily trading volume surged over 260% to $60.8 billion. The world's largest cryptocurrency had last traded above the $70,000 threshold on June 1, marking a 63-day interval before Thursday's breakthrough.