Bitcoin posted a sharp rebound on Thursday as policy signals from Washington and a drop in bond yields helped lift risk assets. By 02:06 ET (06:06 GMT), the world’s largest crypto had climbed 7.9% to $69,387.7, briefly trading as high as $69,861.4 - a near three-month peak - but stopping short of breaking the $70,000 threshold.
Traders attributed part of the move to remarks from U.S. President Donald Trump, who on Wednesday urged Congress to pass a key regulatory measure known as the Clarity act during a White House meeting with industry leaders. The president called for lawmakers to approve what he described as a "fair version" of the bill, legislation that supporters say would create a broad regulatory framework for crypto across the United States.
Sentiment was also supported by renewed risk appetite after the U.S. Treasury said it will double the size of its debt buyback operations, a decision that coincided with a sharp drop in yields. Lower yields are often associated with a more supportive environment for riskier assets, and crypto markets appear to have been swept up in that dynamic on Thursday.
Who attended the White House meeting
The meeting brought together several leading figures from the crypto industry and regulators. Among attendees were Coinbase CEO Brian Armstrong and Robinhood CEO Vlad Tenev. Also present were senior regulatory figures including U.S. Commodity Futures Trading Commission Chair Mike Selig and Securities and Exchange Commission Chair Paul Atkins.
The Clarity act has, however, largely stalled in Congress amid ongoing disagreements over the legal definition and treatment of crypto. A specific point of contention noted in discussions is the question of yield payments on stablecoin deposits. Banking industry representatives have argued that paying yields on stablecoin holdings could pose a threat to interest-bearing savings accounts, making the issue politically and economically sensitive.
Regulatory backdrop and scrutiny
Wednesday’s meeting occurred against a backdrop of scrutiny over how President Trump and his family’s ventures have benefited from pro-crypto stances during his second term. Filings in July showed that Trump received more than $1.4 billion from his family’s crypto ventures, a detail that drew attention as the administration met with industry leaders.
Separately, the Commodity Futures Trading Commission is set to meet with crypto executives later on Thursday to discuss further regulatory matters, underscoring that the industry remains under active scrutiny even as prices climbed.
Altcoins rally as investors hunt bargains
Thursday’s rebound extended beyond Bitcoin, with many alternative cryptocurrencies posting larger percentage gains after recent periods of underperformance generated bargain-buying interest.
- Ether gained 17% to $2,244.60, and earlier touched what was reported as a 15-month high.
- XRP and Solana each rose about 10%.
- BNB increased 3.8% while Cardano added 4%.
- Among memecoins, $TRUMP surged 16.9% and Dogecoin advanced 6.4%.
These moves highlight a broader rebound in risk-on trading across crypto, with traders rotating into a range of tokens as volatility spiked during the session.
Geopolitical caution
Despite the positive price action, caution remained on the sidelines related to U.S.-Iran tensions. Oil prices continued to push higher after Trump vowed more strict economic measures against Tehran, a development that market participants cited as a potential source of volatility for both energy markets and broader risk sentiment.
Overall, Thursday’s session combined policy signals, a shift in Treasury operations, and bargain-driven buying across altcoins to produce a notable rebound in crypto prices, while regulatory and geopolitical uncertainties continue to frame the outlook.