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What You Need to Know
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Bitcoin rose above $72,000, its highest level since early June.
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Altcoins like ether, XRP, and HYPE have rallied over 20% in the past 24 hours.
Signs of a crypto thaw are beginning to show.
Bitcoin rallied for a second straight day, climbing above $72,000—a level it hasn’t seen since early June—in the wee hours of Thursday morning. Meanwhile, altcoins are rallying furiously, with ether, XRP, and HYPE all rising at least 20% in the past 24 hours.
Traders appear to be betting on a tailwind from several small regulatory wins this week even as the perceived odds of the Clarity Act, a broad framework for putting rules around digital assets, passing this year have dwindled.
Crypto traders were already cheering yesterday after the Treasury Department said it would step up government debt buybacks, a move seen as stabilizing for markets and good for risk assets. President Donald Trump added good vibes when he hinted that Commodity Futures Trading Commission Chair Mike Selig was working on a way to allow DeFi platform Hyperliquid to legally operate in the U.S.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” the president said in a press conference Wednesday afternoon. Trump nodded to a crypto “Who’s Who” at the conference, which had Coinbase (COIN) chief Brian Armstrong, Gemini’s (GEMI) Cameron and Tyler Winklevoss, and Kraken chief Arjun Sethi. (Robinhood’s (HOOD) Vlad Tenev appeared on camera, and Ripple’s Brad Garlinghouse got a shoutout.)
Earlier this week, the Securities and Exchange Commission also proposed rules that would allow crypto startups to raise capital through token offerings.
Crypto-linked stocks Coinbase and Strategy (MSTR) were each more than 7% in recent trading.
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