Bitcoin Rises Toward $80,000 as President Trump Urges Congress to Pass the Clarity Act
Bitcoin recently surged toward the $80,000 mark, marking its best weekly gain in years and reviving investor confidence in the digital asset. The rally was driven by a combination of bond market shifts, including Treasury Secretary Scott Bessent's plan to double long-dated Treasury buybacks, and a strengthening case for scarce assets outside the government monetary system. President Trump again pressed Congress to pass the Clarity Act, reinforcing an administration stance that has been broadly supportive of digital assets throughout this cycle. This legislative push has helped lower the regulatory risk premium, making it easier for institutions to underwrite exposure. While the initial surge was largely fueled by forced short covering, analysts suggest that sustained demand is necessary to establish a new trading range. Despite the rapid rise, Bitcoin remains roughly 43% below its October record, and investors are watching to see if the momentum can create a sustained upward trend toward the end of the year.