Bitcoin Surges Past $75,000 Amid US Treasury Bond Plans and Trump Crypto Push

Bitcoin surged by more than 4 per cent during early Asia trading, extending a strong rally that kicked off on Wednesday following announcements from the US Treasury regarding long-term bond yields and a call from US President Donald Trump for new crypto legislation.

Bitcoin reached a peak of $75,740 before paring some of those gains to trade at $74,806.41 at 8.28am UAE time. According to Coinbase data, the original cryptocurrency has jumped nearly 8 per cent over the past 24 hours.

Market enthusiasm for Bitcoin has gathered momentum since Treasury Secretary Scott Bessent announced that the department plans to double the size of its bond buybacks. Overall, Bitcoin has posted a weekly gain of nearly 20 per cent.

Cryptocurrency optimism also grew after US President Donald Trump held meetings with industry leaders, including executives from Coinbase Global and Payward. Mr Trump pushed the Senate to pass the Clarity Act, a stalled crypto market structure bill currently held up by disputes over ethics provisions.

As a vocal proponent of virtual assets, Mr Trump previously promised during his campaign to position the US as the "crypto capital of the world" and has maintained involvement in his own crypto ventures. On Wednesday, he formally urged lawmakers to pass a "fair version of the Clarity Act".

Ryan Lee, chief analyst at Bitget Research, noted that the impact of these developments extends far beyond immediate price movements. He explained that the US administration's push to establish a clearer policy framework for digital assets could act as a template for other emerging markets.

Mr Lee added that the market will remain in a wait-and-watch mode over the coming weeks to determine whether political will translates into tangible legal progress. While a successful passage of the Clarity Act could boost investor confidence, he warned that any ongoing political gridlock could heighten market volatility.

Conversely, Matthew Sigel, head of digital assets research at VanEck, offered a different perspective, stating that Bitcoin's recent price reaction is driven less by the US Clarity Act and more by actions from the US Treasury that have renewed concerns regarding fiscal dominance.