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Bitcoin is trading at its highest level since June, thanks in large part to last-ditch efforts by the White House and crypto industry leaders to get the Transparency Act across the finish line in the coming weeks.
price of Bitcoin It rose more than 5% on Thursday to just under $72,000, its highest level since June 1. The move pushed the stock’s two-day gain to more than 11%. It was trading at the $63,000 level earlier this week.
Cryptocurrency stocks are also following suit. coinbase and circle each increased by approximately 6%, strategy Shares soared more than 9% in pre-market trading on Thursday, building on gains from the previous session.
This week’s Bitcoin (BTC)
Wednesday’s rally began as U.S. Treasury yields fell sharply, easing pressure on risk assets. According to Coinglass, this triggered a broader move into cryptocurrencies, which was subsequently expanded by a massive short squeeze, with approximately $2.7 billion in short crypto positions liquidated.
On the same day, the White House announced Coinbase, Kraken, robin hoodRipple and Chainlink – in a last-minute event in which President Donald Trump urged Congress to pass a “fair version” of the Cryptocurrency Market Structure Act, known as the Clarity Act, by the end of the year. The meeting preceded the Commodity Futures Trading Commission’s first Innovation Advisory Committee meeting on Thursday.
“We need Congress to take the next step by passing the Clarity Act, a fair version of the Clarity Act,” President Trump said in his opening remarks. “This is a very, very strong piece of structured legislation that will keep us ahead of China, ahead of other countries, and open the door to the next wave of innovation and innovators.”
President Trump’s calls for a “fair version” reflect a point of contention with Democrats, who have called for stricter ethics rules to prevent presidents and other public officials from personally profiting from cryptocurrencies, although Republicans have resisted the provisions, seeing them as overly targeted or restrictive.
The Clarity Act is widely seen as a key catalyst that could bring the market out of the crypto winter that began last fall. Investors had begun to see the bill effectively dead in 2026, as the Senate went into recess in August without a vote and negotiations remained stalled over ethics provisions and other differences between Republicans and Democrats.
Failure to clear a key hurdle in the Senate’s first procedural vote on Sept. 15 could effectively end any chance of passing the bill this year, as other priorities take over focus in the run-up to the midterm elections.
Bitcoin is still down about 43% from its October 2025 high of about $126,000.
