Bitcoin surged past $70,000 Wednesday night for the first time since early June, climbing as high as $72,207 Thursday morning, up roughly 15 percent from Monday's price, driven by two simultaneous catalysts that hit the market within hours of each other.
The first: Treasury Secretary Scott Bessent announced the U.S. Treasury would double its planned buybacks of long-dated government debt, raising the maximum size of liquidity-support operations for 10- to 30-year securities to at least $4 billion per operation starting September.
The move came after the 30-year Treasury yield hit 5.34 percent, its highest since 2007. Yields fell sharply on the news, easing one of the biggest weights on risk assets all summer.
The second: President Trump hosted the CEOs of Coinbase, Kraken and other crypto industry leaders at the White House and called on Congress to pass the stalled CLARITY Act, legislation that would establish a comprehensive regulatory framework for digital assets.
"Now we need Congress to take the next step," Trump said. He also hinted the U.S. may be open to adding to its Strategic Bitcoin Reserve.
The rally wiped out more than $3.1 billion in short positions. Bitcoin had hit an all-time high of $126,080 in October 2025 before being weighed down by the Iran conflict, rising oil prices and a Fed that refused to cut rates.