President Trump Urges Congress to Pass Digital Asset Market Clarity Act Amid Bitcoin Surge
Bitcoin experienced a significant surge, jumping approximately 20% from $64,500 to $77,050 in less than 48 hours. This rapid increase was initially sparked by a macroeconomic catalyst: the U.S. Treasury's announcement to double the maximum size of certain long-dated bond buyback operations to $4 billion, aiming to improve Treasury-market liquidity. This move, which included plans for up to $38 billion of off-the-run securities purchases, led to lower bond yields and a weaker dollar, creating a more favorable environment for risk-sensitive assets like Bitcoin. The rally was further amplified by a short squeeze, where over $3.1 billion in crypto short positions were liquidated, forcing traders betting against Bitcoin to buy the asset to cover their positions, thereby driving prices even higher. President Trump added another significant catalyst by urging Congress to pass the Digital Asset Market Clarity Act during a White House meeting with cryptocurrency executives on August 19. This legislation aims to est... 
