Bitcoin surpassed $70,000 for the first time since early June, driven by an injection of cash into bond markets that bolstered the outlook for risk assets. The cryptocurrency climbed to nearly $72,700, marking a 5 percent increase from the previous day when it was trading below $65,000.
This surge in Bitcoin's value coincided with calls from former President Donald Trump for Congress to enact legislation establishing rules for the cryptocurrency sector. Trump has previously expressed a desire to position the United States as the leading global hub for cryptocurrency, and has also been involved in his own crypto ventures.
The rise in Bitcoin also saw increases in the stock prices of crypto-related companies, including Coinbase and Strategy. Despite the recent gains, Bitcoin remains approximately 17 percent down for the year, significantly below its peak of nearly $126,000 reached in October 2026.