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Bitcoin Leaps Past $75,000 as Crypto Rally Continues in Asia
Bitcoin rose by more than 4% in early Asia trading Friday, continuing a tear that began Wednesday after the US Treasury revealed plans to rein in long-term bond yields.
The original cryptocurrency climbed as high as $75,006 as of 1 p.m. in Singapore. The market exuberance builds on gains over the past two days after Treasury Secretary Scott Bessent announced the department would double the size of its bond buybacks. Bitcoin is now up almost 20% this week.
Optimism around crypto was also bolstered when President Donald Trump met with industry leaders, including executives from Coinbase Global Inc. and Payward Inc. Trump urged the Senate to pass the Clarity Act, a crypto market structure bill that has stalled over a fight regarding ethics provisions.
Crypto Stocks Extend Gains on Trump Push, Dollar Slump
Crypto stocks are extending their rally Thursday after Bitcoin jumped to a more than two-month high, boosted by US President Donald Trump’s White House gathering of industry leaders and his administration’s surprise intervention in the bond market dragged down the US dollar.
MARA Holdings, Strategy Inc., Hut 8 Mining and CleanSpark all rose at least 6% on Thursday, continuing Wednesday’s advance.
The gains followed Trump’s meeting with heads of major crypto companies, when the president — who has profited from his own crypto ventures — underscored his administration’s support by calling on Congress to pass crypto-market legislation and said the Commodity Futures Trading Commission was working to bring the exchange Hyperliquid to the US. Treasury Secretary Scott Bessent’s effort to pull down Treasury yields by increasing buybacks of longer-term debt also bolster Bitcoin by reviving concern about the debasement of the dollar.
Coinbase CEO Brian Armstrong Says Crypto May Be on the Cusp of Next Bull Market
Coinbase Global Inc. CEO Brian Armstrong sees the year-long crypto spot trading bear market nearing an end as the CLARITY Act vote approaches.
Speaking on CNBC’s Thursday "Squawk Box" session, Armstrong said the CLARITY Act dominated discussions both publicly and inside the Oval Office.
"I’m pretty optimistic it’ll get over 60 votes," Armstrong said, arguing that both sides have secured roughly 90% of what they want from negotiations.
Armstrong sees three potential catalysts converging for the next bull market for spot trading in crypto: The duration of the current downturn, the Sep. 15 CLARITY Act vote and BTC’s historically stronger performance during October, November and December following halving cycles.
Bitcoin & Ethereum Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Thursday was $103.3 million. The total net asset value of Bitcoin spot ETFs is $86.45 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 2.39%.
The Bitcoin spot ETF with the highest net inflow on Aug 20 was Fidelity Wise Origin Bitcoin Fund, with a net inflow of $64.74 million, according to SoSoValue.