Bitcoin (BTCUSD) rallied over the last 24 hours, pushing prices to as high as $74,000 for the first time since early February—signs of an early thaw that appear to be giving investors hope that a recovery is underway. Altcoins, including ether (ETHUSD) and sol (SOLUSD), also rose, helping drive the overall crypto market back to $2.5 trillion in market capitalization, according to data compiled by Messari.
The surge in crypto prices coincided with President Donald Trump throwing his support behind a key crypto bill called the Clarity Actthe passing of which crypto experts have said was the sole, near-term catalyst that could pull the coin market out of its months-long rut. Meanwhile, a major investor, Cathie Wood's ARK Invest, recently picked up more shares of Coinbase (COIN) and Robinhood (HOOD), crypto-linked stocks that are also gaining on Wednesday.
"The Banks should not be trying to undercut The Genius Act, or hold the Clarity Act hostage. They need to make a good deal with the Crypto Industry because that's what's in the best interest of the American People," Trump said.2