Bitcoin surged past the $70,000 mark on Wednesday, a level not seen since June. The leading cryptocurrency posted gains of more than 7% in a single day. The rally was driven by multiple catalysts that lifted crypto-related assets broadly. This milestone reflects renewed bullish momentum across the digital asset market.
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President Donald Trump stated during a White House meeting on Wednesday that CFTC Chair Mike Selig is actively working to bring Hyperliquid under U.S. federal regulation. Hyperliquid is a perpetual futures trading platform that currently operates outside U.S. regulatory oversight. Trump's remarks signaled a potential path for the platform to gain formal recognition within American financial rules. Following the announcement, Hyperliquid's native token HYPE jumped 11% in response to the news.
President Trump called on Congress to advance the Clarity Act during a crypto-focused event held at the White House. The meeting brought together CEOs from multiple technology-oriented sectors ahead of the first Innovation Advisory Committee session at the CFTC. The gathering signaled the administration's push to establish clearer regulatory frameworks for the cryptocurrency industry. The Clarity Act is aimed at defining oversight boundaries between federal regulators for digital assets.
Crypto-backed political action committee Fairshake suffered a $2 million loss following unsuccessful campaigns in Florida primary elections. The PAC, which is among the most prominent crypto-affiliated political groups in the US, backed candidates who failed to secure wins. The effort drew significant criticism after Fairshake's advertisements were found to feature fabricated headlines. The setback marks a notable stumble for a well-funded committee that has positioned itself as a major force in shaping crypto-friendly political outcomes.
Bitcoin surged approximately 6% to cross the $68,000 mark following a boost in investor risk appetite. The rally was triggered after the U.S. Treasury doubled the size of its bond buyback program. The move prompted a broader crypto market uptick, with Ethereum, Solana, and crypto-related stocks also climbing. The sharp price rise led to roughly $1.4 billion in short positions being liquidated across the market.
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