Bitcoin tops $71,900 as yields fall, Trump meets crypto executives
Bitcoin just jumped about 4.1% to over $71,900, its highest since May 31.
This surge came after US Treasury Secretary Scott Bessent managed to lower bond yields, making the US dollar weaker and riskier assets like crypto more appealing.
Adding to the buzz, President Donald Trump met with crypto executives and talked about the Clarity Act, a bill that could change how digital assets are regulated.
Ether Solana XRP surge, $3B liquidated
Ether climbed as much as 5.3%, Solana went up 5%, and XRP was up by more than 5.5%.
Over $3 billion in short positions were liquidated in a single day, showing how wild things got.
Meanwhile, major investors ("whales") scooped up $2.75 billion worth of Bitcoin in just two months, and the 13 U.S.-listed spot Bitcoin ETFs have gained over $1 billion so far this week, reversing last week's outflows.
Donald Trump backs Clarity Act
President Donald Trump's support for the Clarity Act has people feeling positive about clearer rules for crypto soon.
The bill heads to the Senate mid-September and could open doors for even more institutional investment if it passes.