Bitcoin Breaks $75,000 as Crypto Rally Accelerates

Bitcoin surged above $75,000 late Thursday, reaching its highest level since May as a broader cryptocurrency rally gained momentum following moves by the U.S. Treasury and President Donald Trump’s renewed push for crypto legislation.

Bitcoin, the world’s largest cryptocurrency by market value, climbed to $75,268 early Friday, gaining more than $10,000 over two days. The move marked the first time the cryptocurrency had traded above $75,000 since May.

Ether, the second-largest cryptocurrency by market capitalization, also advanced sharply, reaching $2,363 early Friday and gaining more than 25% over the previous week. Other major digital assets posted strong gains as well, with Solana’s SOL rising 7%, Binance’s BNB gaining 6.4%, XRP climbing 19.3% and Dogecoin increasing 11.3% over the previous 24 hours.

The rapid rise also triggered heavy losses for traders betting against cryptocurrencies. Data from Coinglass showed that more than $1.25 billion in crypto short positions had been liquidated during the previous 24 hours, including roughly $750 million in positions that were betting bitcoin would decline.

The latest rally followed a White House crypto event on Wednesday evening, where Trump met with several cryptocurrency executives and urged Congress to advance the industry-backed CLARITY Act. The legislation has been stalled in Congress and is intended to establish a legal framework for digital assets.

Trump said Congress needed to move forward with the measure, calling for “the next step by passing the CLARITY Act” and describing it as “very, very powerful structured legislation” that would help the United States remain ahead of China and other countries.

The event came one day before the Commodity Futures Trading Commission was scheduled to hold the first meeting of its Innovation Advisory Committee. Following Trump’s comments, bitcoin climbed above $70,000 for the first time since early June, helping fuel the broader crypto market rally.

Crypto prices also benefited from developments in the U.S. Treasury market. Treasury Secretary Scott Bessent moved to address rising yields on longer-term government bonds by announcing that the department would double its purchases of long-dated Treasury securities.

The move followed a sell-off in long-duration bonds that pushed the 30-year Treasury yield to its highest level since 2007. The bond-market pressure came amid concerns surrounding the war in Iran and the U.S. national debt reaching $40 billion. The Treasury intervention helped improve sentiment toward riskier assets, contributing to the renewed advance in cryptocurrencies.