Why Are Bitcoin Prices Up?
The upswing from bitcoin came after President Donald Trump urged Congress to pass the CLARITY Act, a bill that would establish a pro-crypto regulatory framework if passed. Specifically, the bill divides oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, giving the former agency supervision of investment contract assets and the latter agency supervision over digital commodities.
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Big Number
27%. That is how much bitcoin prices have fallen since the start of the year, when prices for the cryptocurrency hovered around the $89,000 mark.
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Key Background
Thursday’s jump marks a decent recovery for bitcoin prices after a turbulent June and July, which sent the cryptocurrency as low as $58,111. The dip marked its lowest price in nearly two years. The surge is also a reversal from the bearish outlook held in cryptocurrency prediction markets. On Wednesday, Polymarket traders put only a 31% chance of bitcoin topping $80,000 this year, according to Benzinga, which noted traders also priced a 75% probability for the cryptocurrency to fall below $60,000. SkyBridge Capital founder Anthony Scaramucci told CNBC on Tuesday that bitcoin’s volatility was muted after cryptocurrency miners redirected their computing power toward AI stocks.
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Further Reading
Bitcoin Soars Above $70,000 After Trump Urges Passage Of Clarity Act (Forbes)