The Bitcoin price surged by nearly 12% in 24 hours after President Trump hosted crypto bigwigs at the White House.
Bitcoin’s price surged further on Thursday, blowing past $72,000 the day after President Trump held a meeting with crypto executives and urged lawmakers to get the long-awaited Clarity Act over the line.
The leading cryptocurrency was trading for $71,758 at 8am in New York, after jumping nearly 12% over a 24-hour period. It touched as high as $72,344 earlier in the day.
Bitcoin was last trading this high at the beginning of June. The coin has spent most of July and August priced under $65,000.
The surge comes after President Trump held a meeting at the White House with crypto bigwigs, including Kraken and Coinbase CEOs, where he said that getting the Clarity Act over the line would keep the U.S. ahead of China.
“Now we need Congress to take the next step by passing the Clarity Act — a fair version of the Clarity Act — and this landmark structure legislation,” he said at a Wednesday press conference, and even hinted that the U.S. may be open to accumulating bitcoin.
“It’s taken a lot of pressure off the dollar, it’s been very, very good for the dollar, and I think if [regulators] came in with recommendations, I would certainly listen,” Trump added when asked about adding to the Strategic Bitcoin Reserve.
A number of lawmakers were hoping to vote on the Clarity Act in August but after a delay, a vote will now go ahead in September.
The bill will establish a framework for distinguishing between digital assets that are securities, commodities or payment stablecoins — legislation that the crypto industry has long called for.
Bitcoin’s price has also benefited from the Treasury Department announcing on Wednesday that it would more than double the size of its government debt repurchases.
Lower long-term yields reduces the opportunity cost of holding non-yielding assets like bitcoin and gold, and generally supports risk-on sentiment. Both soared as the dollar weakened following the announcement.
Bitcoin’s price has suffered in 2026 despite notching a new all-time high of $126,080 in October. Geopolitical headwinds, including the U.S.-Iran war, rising oil prices and a Federal Reserve reluctant to lower interest rates have all weighed on the coin’s price.