Key highlights:

  • Bitcoin rose almost 11% in the last 24 hours, reclaiming $71,000
  • This came after Donald Trump met with top crypto executives at the White House on Wednesday
  • Trump said there are plans to add more BTC to the government's holdings
  • He also added that the "war on crypto" is officially over

The Bitcoin price broke out of its months-long trading range on Wednesday, climbing almost 9% to top $71,000 after sitting between $62,000 and $64,000 for weeks. 

 

The rally came as President Donald Trump hosted executives from Coinbase, Ripple, Gemini, and other major crypto firms at the White House on Wednesday.

Trump hits at Congress to advance crypto rules

The U.S. President’s main message at the event was that lawmakers need to move faster on setting clear rules for the industry. He urged Congress to pass the CLARITY Act as soon as it resumes from recess in September.

"Now we need ​Congress to take the next step by passing the Clarity Act — a fair version of the Clarity Act." Trump said. “This landmark structure legislation will keep us ahead of China and keep us ahead of everyone else.”

This legislation would spell out how digital assets should be regulated and which agency, the Securities and Exchange Commission or the Commodity Futures Trading Commission, should oversee them. 

The bill has stalled in the Senate, largely due to concerns from Democrats and some Republicans about limits on government officials profiting from crypto ventures. This is an issue that is particularly relevant to the President given his family's crypto businesses.

Government hints at buying more BTC, but no concrete plan yet

When asked whether the government might buy more BTC, Trump said the idea has come up in discussions in the recent past.

“Certainly it’s been talked about. It’s taken a lot of pressure off the dollar. It’s been very, very good for the dollar, and I think if you came in with recommendations, I would certainly listen,” he said.

Trump, however, did not lay out a purchase plan, a timeline, or how any buying would be funded. The United States created its Strategic Bitcoin Reserve in 2025, which was initially built using coins already seized by the government.

'War on Crypto' declared over

Trump told the audience his administration had  "ended the war on crypto once and for all." He particularly boasted this was in contrast with the strict enforcement stance crypto firms faced with the last administration. 

Notably, top crypto execs like Coinbase's Brian Armstrong, Robinhood's Vlad Tenev, Kraken co-CEO Arjun Sethi, and Intercontinental Exchange CEO Jeffrey Sprecher, with regulators SEC Chair Paul Atkins and CFTC Chair Mike Selig, were all present at the summit.

Atkins also noted at the meeting that the SEC proposed new rules this week. These rules would make it easier for crypto firms to issue tokens and raise capital without being seen as traditional securities offerings.

Hyperliquid gets a mention, token jumps

A surprising mention at the meeting was Hyperliquid. Trump highlighted CFTC efforts to bring Hyperliquid’s DEX into the U.S. regulatory system. He said Selig was working to infuse the platform into the country "in a fully compliant and legal fashion." 

The HYPE token jumped by double digits after the comments, up by almost 24% as of press time.

 

Trump closed the meeting saying the U.S. must stay the "undisputed leader" in Bitcoin and digital assets, emphasizing the White House's goal of making the country the "crypto capital of the world."