Bitcoin Surges Past $70,000 Toward $72,000 as Trump Backs Crypto Bill and Short Sellers Lose $3.1 Billion

Bitcoin climbed to a session high of $71,992 on Thursday, its first push above $70,000 in two months, driving its market cap to $1.44 trillion and forcing more than $3.1 billion in short liquidations across crypto markets. The rally was sparked by two catalysts: a U.S. Treasury announcement of a buyback expansion and President Donald Trump publicly urging Congress to pass the CLARITY Act at a White House crypto event on Wednesday.

The event, attended by several crypto industry executives, came one day before the CFTC was set to hold the inaugural meeting of its Innovation Advisory Committee. Strategy and Coinbase shares continued to rally alongside bitcoin, while altcoins also surged as the broader crypto market caught a bid. The scale of short liquidations underscores how abruptly sentiment shifted, with bearish positions built up during bitcoin's two-month absence from the $70,000 level wiped out in rapid succession.