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BitcoinMarkets

Bitcoin Eyes Best Week in Over 2 Years

Bitcoin continued its bullish run toward $75,000 in August, hitting its highest level since late May and poised for a weekly gain of about 19%, its strongest since February 2024, after President Donald Trump urged Congress to pass a key regulatory bill. Trump called on lawmakers to advance a “fair version” of the Clarity Act, legislation backed by the crypto industry that aims to establish a comprehensive regulatory framework for digital assets in the US. The rally triggered more than $1 billion in Bitcoin short-position liquidations within about an hour, while total crypto short liquidations reached a record $2.7 billion. Meanwhile, US spot Bitcoin ETFs recorded $517 million in net inflows, their highest since May. Elsewhere, the US Treasury’s decision to substantially expand its purchases of 20-year and 30-year bonds pushed yields sharply lower, further boosting the appeal of riskier assets such as Bitcoin.

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