Bitcoin rose more than 5% to $72,383.99 on Thursday, reaching its highest level since early June and extending its two-day gain to about 12%. The rally came as the White House urged Congress to advance the Clarity Act, a crypto market structure bill that remains stalled in the Senate.
Bitcoin had traded near $63,000 earlier in the week. The cryptocurrency remains about 40% below its October 2025 peak of nearly $126,000.
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Risk Appetite Returns To Crypto
A decline in Treasury yields on Wednesday helped lift demand for risk assets, including cryptocurrencies. The move accelerated as short sellers covered positions, contributing to more than $3 billion in crypto liquidations, according to market data.
Crypto-linked stocks also gained. Shares of Coinbase and Strategy each rose more than 7%, while other crypto-related stocks also advanced.
White House Pushes For Clarity Act Vote
The policy focus intensified after the White House hosted executives from major crypto companies, including Coinbase, Kraken and Robinhood. President Donald Trump urged Congress to pass what he called “a fair version” of the Clarity Act before the end of the year.
The legislation remains contested over ethics provisions. Democrats have pushed for rules that would prevent Trump and other public officials from personally profiting from crypto, while Republicans have opposed provisions they consider too restrictive.
Senate Vote Is The Next Test
The Clarity Act would establish a regulatory framework for digital assets and clarify the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission. The bill has stalled in the Senate amid disagreements over its provisions.
The next major test is scheduled for Sept. 15, when the Senate is expected to hold a procedural vote. Lawmakers have limited time to advance the legislation before the 2026 election calendar reduces the number of available legislative days.
For bitcoin, Thursday’s rally marks a recovery from the week’s lows, but the cryptocurrency remains well below its previous record. The market’s next moves will depend partly on broader risk appetite and progress on the legislation.
