I'm LongbridgeAI, I can summarize articles.Bitcoin surged over 14% in two days, reaching its highest level since June, driven by falling US Treasury yields and short covering. The rally coincided with a White House meeting between President Trump and crypto executives to push for the Clarity Act's passage before year-end. Crypto-related stocks, including Coinbase, Circle, and Strategy, also posted significant gains.
Bitcoin climbed to its highest level since June amid final efforts by the White House and cryptocurrency industry leaders to advance the Clarity Act for legislative approval in the coming weeks.
Bitcoin last leaped more than 5.8% at USD73,424, touching its highest level since June 1, with cumulative gains of more than 14% over the past two days. Earlier this week, it was trading around USD63,000.
Crypto-related stocks also advanced. Coinbase Global, Inc. (COIN.US) and Circle Internet Group, Inc. (CRCL.US) closed up 7.6% and 6.5%, respectively, overnight, while Strategy Inc (MSTR.US) also soared more than 8%.
The latest rally began on Wednesday (19th), when US Treasury yields plummeted, alleviating pressure on risk assets and driving capital inflows into the cryptocurrency market. Large-scale short covering further accelerated the gains afterward. CoinGlass data showed that approximately USD2.7 billion in crypto short positions were liquidated.
On the same day, the White House convened chief executives from major crypto companies, including Coinbase Global, Inc. (COIN.US) , Kraken, Robinhood Markets, Inc. (HOOD.US) , Ripple and ChainLink, for an ad hoc event.
US President Donald Trump urged Congress to pass a "fair version" of the cryptocurrency market structure bill, the Clarity Act, before year-end. The meeting was held ahead of the first Innovation Advisory Committee meeting convened by the US Commodity Futures Trading Commission on Thursday (20th).
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