Bitcoin Surges Past $72K on Treasury and Trump Support

Bitcoin experienced a significant price surge, breaking above $72,000 for the first time since early June. The cryptocurrency gained approximately 15% in a few days, marking one of its largest upside movements relative to its 30-day volatility in nearly a year, according to Glassnode data.

This rally appears to be driven by two key developments. First, the U.S. Treasury Department announced it would double the planned buybacks of long-dated government debt. This move is expected to lower Treasury yields, which in turn can make riskier assets like Bitcoin more attractive to investors. The announcement came as 30-year Treasury yields reached a multi-year high.

Adding further momentum, former President Donald Trump met with crypto industry executives and publicly urged lawmakers to pass the CLARITY Act. This proposed legislation aims to define regulatory frameworks for digital assets, clarifying whether they are considered securities or commodities and how oversight will be divided among federal agencies. The bill is scheduled for a procedural vote in the Senate in mid-September.