Bitcoin Surges Past $75,500 as Trump White House Crypto Summit Sparks Record Short Squeeze

Bitcoin broke above $75,500 early Friday Asia time, extending a powerful multi-day rally that began after President Donald Trump hosted a White House summit for crypto executives and pushed Congress to pass the stalled CLARITY Act. The move accelerated through several price levels in rapid succession: Bitcoin was trading near $72,615, up more than 5%, in early Friday pricing before pushing past $75,000 and then $75,500 within hours. Ethereum gained roughly 4.8% to around $2,317, with XRP and Dogecoin also advancing.

Bitcoin analyst James Check noted that bears were in significant pain, a reference to a historic wave of short liquidations that market observers described as a record short squeeze. Lower bond yields and improving U.S. regulatory sentiment added further fuel. Shawn Young, chief analyst at MEXC Research, offered a cautionary note, saying the market is giving Treasury's intervention more credit than it deserves and calling the rally premature.

The move represents Bitcoin's strongest advance in months and its highest price level since early June.