- Bitcoin surged 8% to around $69,500, its highest since early June
- Surge follows a White House meeting with crypto industry executives
- SEC proposed exemptions for some digital asset offerings this week
Bitcoin broke out of a months-long trading range on Wednesday, surging the most since March, amid regulatory optimism as industry officials gather at the White House.
The largest cryptocurrency rose as much as 8% to around $69,500, marking its highest level since early June. The spike comes ahead of a meeting President Donald Trump is slated to hold with executives from firms including Coinbase Global Inc., Payward Inc. and Blockchain.com Group Holdings Inc.
Crypto and prediction markets are two growing sectors that the Trump Administration has sought to boost with an industry friendly regulatory framework. But despite having an advocate in the White House, crypto industry leaders are worried about cementing those regulatory gains and are pushing for passage of a landmark digital assets bill.
“The move towards $70,000, triggered by short-covering, suggests buyers are regaining confidence, although the rally now faces a crucial test of whether it can sustain momentum and challenge the $75,000 region,” Axel Rudolph, chief technical analyst at investing and trading platform IG, said in a message.
The meeting comes on the heels of an SEC proposal this week to exempt certain digital asset offerings from securities registration statements, as the regulator moves ahead with crypto plans after landmark legislation stalled in Congress. The agency said exemptions are meant to help companies at the startup and at the fundraising stages of their growth.
Wednesday's trading session saw a wide swathe of digital tokens surging and brought Bitcoin above both its 100- and 200-day moving average lines, key technical gauges that tend to be closely monitored by market watchers. But the sudden surge also triggered over $1 billion in liquidations within an hour, with some $1.5 billion in bets liquidated in the past 24 hours, according to data from Coinglass.
“Crypto trading desks and market headlines have been inundated by sellers in the last few weeks,” said Joshua Lim, co-head of markets at FalconX. “Despite that, price action held very firm in the low $60,000s, which turned into a sentiment and narrative shift.”
In the Bitcoin options market, traders have built protection around $60,000 while betting on an increase to $70,000, with the open interest concentrated around the puts and calls around those strike prices, respectively, according to crypto exchange Deribit.
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Lower interest rates also make higher risk assets such as crypto more attractive. US Treasury Secretary Scott Bessent made a fresh attempt to rein-in long-term borrowing costs from multi-year highs, sending Treasury yields and the dollar down.
Just two weeks after releasing its planned schedule for buybacks this quarter, the Treasury Department on Wednesday said it's “increasing, by at least double, the size of liquidity support buyback operations” for securities dated from the 10-year to the 30-year sector.
The crypto market structure legislation, known as the Clarity Act, has stalled in the US Senate amid a fight between Democrats and Republicans over ethics provisions spurred, in part, by Trump's own involvement in the digital assets sector. Trump reported earning $1.4 billion from crypto and memecoin-related ventures in 2025, with the haul proving to be the largest source of the president's income.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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