Bitcoin Surges 11% to Two-Month High Above $72K as Trump Pushes Clarity Act at White House Crypto Summit

Bitcoin climbed more than 11% over two days to trade above $72,000, its highest level since early June, after President Donald Trump hosted top crypto industry executives at the White House and called on Congress to pass the stalled Clarity Act, a sweeping cryptocurrency regulatory framework. The rally shattered a six-week trading range that had kept Bitcoin between roughly $62,000 and $66,900, and it triggered more than $3.1 billion in short liquidations over August 19 and 20, according to CoinGlass data, making it the largest liquidation event since at least 2021. Bitcoin touched a local high of $71,992 on Bitstamp, and daily trading volume surged 250% to $62 billion.

A U.S. Treasury liquidity intervention also contributed to the move, per crypto-economy reporting. Short-term holders responded by sending 43,300 BTC to exchanges in their largest profit-taking event of the year, CryptoQuant data showed.

Crypto equities rallied sharply alongside Bitcoin: Strategy rose 9%, Coinbase jumped 6%, and Bitmine climbed 7%, with analysts attributing the gains to the combined effect of the short squeeze and the White House's renewed legislative push. At least one prominent analyst cautioned that Bitcoin still has more to prove before the breakout can be considered confirmed.