Cryptocurrencies also received a boost from improved risk appetite after the U.S. Treasury announced it would double the volume of its debt buybacks, triggering a sharp drop in bond yields.
Bitcoin rose 7.9% to $69,931 as of 10:11 a.m. Chisinau time. The world’s largest cryptocurrency climbed to a nearly three-month high of $69,944 but failed to break through the $70,000 mark.
Caution persists amid the U.S.-Iran conflict: oil prices continue to rise after Trump promised to impose tougher economic measures against Tehran.
Trump called for the passage of the Clarity Act during a meeting with crypto industry leaders
On Wednesday, Trump urged Congress to pass a key regulatory bill—the Clarity Act—during a meeting with industry representatives at the White House.
Trump urged lawmakers to pass a “fair version” of the Clarity Act—a bill that, according to cryptocurrency advocates, would establish a broad regulatory framework for the U.S. crypto market.
The meeting was attended by several top executives from crypto companies, including Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev, as well as high-ranking officials—U.S. Commodity Futures Trading Commission (CFTC) Chairman (CFTC) Mike Selig and Securities and Exchange Commission (SEC) Chairman Paul Atkins.
The Clarity Act has largely stalled in Congress due to ongoing disagreements over the nature of cryptocurrencies, as well as disputes regarding the payment of yields on stablecoin deposits. The latter has become a hot-button issue for the banking industry, which argues that paying yields on stablecoins could threaten interest-bearing savings accounts.
Wednesday’s meeting also took place amid growing scrutiny of how Trump and his family’s business ventures stand to benefit from pro-cryptocurrency regulations during his second presidential term.
According to documents filed in July, Trump received more than $1.4 billion from his family’s cryptocurrency ventures.
The CFTC plans to meet with executives from crypto companies later on Thursday to discuss further regulation.
Cryptocurrency Prices Today: Altcoins Lead the Market During the Rally
The broader cryptocurrency market has outperformed Bitcoin: months of underperformance sparked a wave of buying at lower levels this week.
Ethereum, the world’s second-largest cryptocurrency, jumped 17% to $2,244.60, having earlier hit a 15-month high.
XRP and Solana each rose 10%, while BNB gained 3.8%. Cardano rose 4%.
The $TRUMP meme coin soared 16.9%, and Dogecoin gained 6.4%, according to investing.com.
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