Bitcoin rallies to 2-month high as clarity act momentum builds

Mettis Global reported that bitcoin jumped more than 5 percent on Thursday to $72,383.99, its loftiest price since early June. The gain came as optimism about U.S. crypto legislation grew and lower Treasury yields lifted appetite for riskier assets. Over the last two trading sessions the leading cryptocurrency has risen about 12 percent from near $63,000 earlier in the week.

Per CNBC, a short squeeze that wiped out roughly $2.7bn of bearish crypto bets accelerated a move that began Wednesday after Treasury yields fell sharply. Shares linked to digital assets also rose, with Coinbase and Circle each up close to 7 percent while Strategy kept climbing. Sentiment received an additional boost after the White House met leaders of crypto firms such as Coinbase, Kraken, Robinhood, Ripple and Chainlink.

At that meeting, President Trump pressed Congress to move forward on the Clarity Act, a crypto market structure bill, and asked that it pass before year-end. The measure is still under talks between the two parties: Democrats want tighter ethics rules on officials profiting from crypto ventures, while Republicans say some proposed curbs go too far. Mettis noted that failing the initial Senate procedural vote on September 15 could significantly reduce the measure's prospects this year, while the coin remains roughly 40 percent below its October 2025 peak of nearly $126,000.