Bitcoin just had its best week in 2 years. Guess how much fees dropped. 85% OFF, code RALLY85.
Bitcoin just erased two years of sideways trading in a week
Ask a trader what it takes to move Bitcoin 20% in a week and most will point to a halving, an ETF approval, something structural. This time it was a bill that hasn't even passed yet.
Bitcoin broke past $75,000 today, up 7.6% in 24 hours and on track for its best week since March 2024. The trigger was Trump publicly pushing Congress to pass the Clarity Act, legislation that would finally give crypto a defined regulatory framework in the US. The bill is still stuck in the Senate, with a procedural vote not scheduled until September. The market moved anyway.
That's often how these rallies work. Institutional money doesn't wait for a law to pass, it moves on the probability that it will. Spot Bitcoin ETFs pulled in hundreds of millions in inflows this week as regulatory clarity started to look more likely than not.
The move also caught a lot of traders on the wrong side. Over $3 billion in crypto shorts were liquidated in 24 hours, nearly $1.7 billion of that in Bitcoin positions alone. Each forced liquidation buys more Bitcoin to close the position, which pushes the price up further, which liquidates the next batch of shorts.
Legislation nobody's voted on yet just moved a trillion-dollar asset class.
Standard Chartered's Geoffrey Kendrick is now calling for $100,000 by year end. Bitcoin is still well below its January high of $94,820 and its all-time high of $126,198 from last October, so there's room to run either way.
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This update is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile. Always conduct your own research before making any decisions.
