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Bitcoin Hits $74K After Trump Backs Crypto Bill

Bitcoin surged to around $74,000 over the past 24 hours, marking its highest level since early February and signaling renewed optimism in the crypto market. The rally also lifted major altcoins, with Ethereum and Solana posting gains as total crypto market capitalization climbed back to roughly $2.5 trillion.

The price jump came after U.S. President Donald Trump voiced support for a major crypto legislation known as the Clarity Act. The bill aims to create a clearer regulatory framework for determining whether cryptocurrencies should be classified as securities or commodities, an issue that has long created uncertainty across the industry.

Trump criticized banks for attempting to delay progress on crypto regulation and urged cooperation between financial institutions and the digital asset sector. His comments renewed hopes among investors that the legislation could move forward after previously stalling in the Senate earlier this year.

The potential passage of the Clarity Act could provide much-needed regulatory clarity and open the door for new crypto-related innovations, particularly around stablecoins and digital asset platforms. If approved, companies involved in the crypto ecosystem could benefit significantly from a more defined legal structure.

Institutional activity has also contributed to the positive sentiment. ARK Invest, led by Cathie Wood, recently increased its holdings in crypto-related stocks such as Coinbase and Robinhood, both of which have gained alongside the broader crypto market.

Despite ongoing geopolitical tensions affecting traditional financial markets earlier this week, cryptocurrencies have remained relatively stable, which many investors see as a positive signal for the sector’s resilience and potential recovery.