Bitcoin climbed to its highest level since June as the White House and cryptocurrency industry leaders renewed efforts to advance the CLARITY Act through Congress in the coming weeks.

Bitcoin rose more than 5% on Thursday, approaching $72,000 and reaching its highest level since June 1. The cryptocurrency has gained more than 11% over two trading days, after trading near $63,000 earlier in the week.

Cryptocurrency-related stocks also advanced. Coinbase and Circle each gained about 6% in premarket trading Thursday, while Strategy, formerly known as MicroStrategy, surged more than 9%, extending gains from the previous session.

The rally began Wednesday after a sharp decline in U.S. Treasury yields eased pressure on risk assets and lifted cryptocurrencies broadly. A large short squeeze then accelerated the advance. According to CoinGlass, approximately $2.7 billion in bearish cryptocurrency positions were liquidated.

On the same day, the White House held an emergency meeting attended by senior executives from Coinbase, Kraken, Robinhood, Ripple and Chainlink. President Trump urged Congress to pass a “fair version” of the CLARITY Act by the end of the year, establishing a regulatory framework for the U.S. cryptocurrency market.

Trump said the legislation would help the United States maintain its lead over China and other countries in digital assets while supporting a new wave of innovation.

The bill, however, continues to face partisan divisions. Democrats are seeking strict ethics provisions that would prevent presidents and other public officials from personally profiting from cryptocurrencies. Republicans oppose such measures, arguing that they are overly targeted and restrictive.

Investors view the CLARITY Act as a potentially important catalyst for the cryptocurrency industry. The Senate is expected to hold an initial procedural vote on September 15. If the measure fails at that stage, its chances of passing this year could fall sharply as the midterm elections approach and Congress shifts its attention to other issues.

Despite the latest rally, Bitcoin remains approximately 43% below its record high of about $126,000, reached in October 2025.