Bitcoin extended its bullish climb toward the $75,000 mark in August, reaching its highest level since late May and on track for a weekly gain of about 19%—its strongest performance since February 2024. The surge followed President Donald Trump’s call for Congress to pass a key crypto regulatory bill. Trump urged lawmakers to move forward with a “fair version” of the Clarity Act, legislation supported by the digital asset industry that seeks to establish a comprehensive regulatory framework for cryptocurrencies in the United States.
The rally triggered more than $1 billion in liquidations of Bitcoin short positions in roughly an hour, while total crypto short liquidations soared to a record $2.7 billion. At the same time, US spot Bitcoin exchange-traded funds saw net inflows of $517 million, their highest level since May. Separately, the US Treasury’s decision to significantly increase its purchases of 20-year and 30-year bonds drove long-term yields sharply lower, further enhancing the relative appeal of riskier assets such as Bitcoin.
