Bitcoin climbed sharply on Friday, continuing a recovery that pushed the largest cryptocurrency to price levels last seen in late May. The rally accelerated after U.S. political developments signaled potential progress toward formal crypto regulation and after a policy step from Treasury eased pressure on risk assets.
By 23:48 ET (03:48 GMT) Bitcoin had risen 8.1% to $74,772.6 and briefly reached an intraday peak of $75,591.6. The advance came as market participants reacted to a call from former U.S. President Donald Trump for lawmakers to enact a clearer regulatory framework for digital assets.
Trump, speaking at a White House summit earlier in the week, urged Congress to approve the Clarity Act, a proposal intended to establish explicit rules for the U.S. crypto industry. Market participants attributed a significant portion of the recent price appreciation to that public push for legislation, although the timing of any actual passage remains uncertain. The article notes that the bill has stalled in Congress amid disagreements over the classification of cryptocurrencies and how yields tied to stablecoins should be treated.
Investor sentiment received a second tailwind from the U.S. Treasury Department's announcement that it would double its bond buybacks. That move was described as intended to curb a spike in yields, and it contributed to a wider improvement in risk appetite across markets, supporting gains in crypto assets and related equities.
On a weekly basis, Bitcoin was on course for its best performance since February 2024, set to rise nearly 19% for the week. The cryptocurrency also moved decisively above a trading band it had occupied for much of 2026 - a range between $60,000 and $70,000 - marking a notable breakout from that consolidation.
Equities and funds tied to crypto tracked Bitcoin's move higher. Several publicly traded companies with crypto exposure posted solid gains. MicroStrategy Inc. (MSTR), recognized as a major corporate holder of Bitcoin, jumped 7.8% on Thursday. Circle Internet Group Inc. (CRCL), identified as a stablecoin issuer, added 6.5%.
Crypto-focused exchanges and miners also rallied: Bullish Inc. (BLSH) rose 5.7%, Coinbase Global Inc. (COIN) climbed 7.9%, while miners Mara Holdings (MARA) and Riot Platforms (RIOT) posted increases of 15.5% and 8.3%, respectively. In Asia, Metaplanet Inc (TYO:3350), a Japanese company noted for holding more than 40,000 coins on its balance sheet, surged more than 20% as the region opened.
Flows into U.S.-listed spot exchange-traded funds also improved alongside strengthening sentiment. Aggregated data reported that these ETFs recorded roughly $1 billion of inflows over the week, representing their largest weekly intake since January according to the data provider cited in the article.
Market context and limitations - While the Clarity Act was credited with boosting sentiment, the article reiterates that substantial legislative hurdles remain and that the bill has not yet been passed into law. Likewise, the Treasury's buyback announcement was presented as a mechanism to moderate yields rather than a guarantee of sustained monetary or fiscal conditions that will continue to support risk assets.
The price moves and fund flows described reflect a confluence of regulatory optimism and technical breakout after a period of consolidation, but the article does not provide guidance on the likely timing or ultimate outcome of the legislative process.