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Bitcoin briefly tops $70,000 as U.S. crypto legislation optimism grows

The move followed a Senate procedural vote set for Sept. 15 and a doubling of Treasury bond buyback operations, which traders linked to improving liquidity.

Reported · Written up by our desk · Bitcoin

Bitcoin briefly climbed to $70,000 on Wednesday for the first time since June 2, before pulling back below that level, CoinDesk reported. The largest cryptocurrency was still up more than 7% over the prior 24 hours as improving liquidity and optimism around U.S. crypto legislation helped drive the rally.

CoinDesk cited signs that the Digital Asset Market Clarity Act could advance when the Senate holds a procedural vote on Sept. 15. Traders also pointed to a fresh push from President Donald Trump for Congress to pass a “fair version” of the act, with crypto companies including Coinbase, Gemini, Ripple, and Chainlink Labs represented at a White House event.

The rally also coincided with liquidity developments in traditional markets. CoinDesk said Treasury Secretary Scott Bessent doubled the size of the Treasury Department’s bond buyback operations, which traders viewed as a potential backstop for liquidity in the more than $30 trillion Treasury market.

On the technical side, CoinDesk said bitcoin’s break above a resistance area near $66,600 suggested a possible $76,000 target, based on an inverse “head-and-shoulders” pattern flagged earlier in August. The outlet also noted that inflation concerns and the risk of higher interest rates could weigh on further gains.

Latest closeBitcoin $69,244.78 ▲7.1%

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