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XRP Bitcoin breaks through $72,500, Trump calls for crypto legislation and short squeeze to boost gains
Bitcoin prices climbed above $72,500 on Thursday, the highest level since late May. The rise comes as U.S. President Donald Trump calls on Congress to advance new cryptocurrency legislation, while improving market conditions are also good for digital assets.
Mainstream cryptocurrencies generally rose
Bitcoin rose 6.6% to $72,644. Ethereum rose 11%, while Ripple recorded a 19% gain. Hyperliquid tokens jumped 15% after President Trump said Commodity Futures Trading Commission Chairman Mike Selig is working to bring the decentralized exchange to the United States.
The rally coincides with Trump, multiple regulators and major cryptocurrency executives calling on Congress to pass the Clarification Act. The proposed bill would classify Bitcoin and other digital assets as commodities rather than securities. A procedural vote on the bill is scheduled for September 15.
Contrary to the strong performance of cryptocurrencies, U.S. stocks fell. The Dow Jones industrial average fell 624 points, the S & P 500 fell 0.71%, and the Nasdaq Composite fell more than 1%.
Short squeeze and market liquidity boost Bitcoin
Bitcoin's upward momentum stems from the largest short liquidation event in the history of the cryptocurrency market. According to CoinGlass, short positions in Bitcoin worth $664 million have been liquidated in the past 24 hours.
Expectations of falling long-term borrowing costs in the United States also pushed Bitcoin higher. The U.S. Treasury Department announced that it will double the size of long-term bond buybacks to curb rising yields. Lower bond yields usually benefit cryptocurrencies because they make traditional interest-bearing assets less attractive and increase overall market liquidity.
Although the rebound in bond yields on Thursday put pressure on stocks, cryptocurrencies basically maintained their upward trend. Gideon Himes, co-founder and chairman of STS Digital, said the short squeeze triggered the rally, but pointed out that there were other factors supporting the market. "Squeeze triggered a rally, but it couldn't maintain it, and this round has more supporting factors than forced buying," Hymes said. He highlighted falling long-term yields, renewed inflows of ETF funds and clearer regulations as supporting factors for Bitcoin's upward trend.
Nansen senior research analyst Nikolai Sandgard agreed that the increase in short covering has accelerated Bitcoin's breakthrough, but he also emphasized that strong spot and ETF demand is also a key driving force.
Bitcoin's rally faces critical test
Despite the sharp rise in prices, analysts are watching whether Bitcoin can hold on to gains once the impact of the short squeeze wears off. Sandgard pointed out that Bitcoin's technical aspects have improved, but warned that leveraged long positions are becoming crowded. He said that continued strong spot buying will be the key to keeping cryptocurrencies above $70,000. "Continued recognition above $70,000 will keep the outlook optimistic, while falling back into the 69,700 - 69,000 area is a normal test for a breakthrough rather than an automatic trend reversal," Sandgard said.
CryptoQuant founder Qi Yongzhu said that demand for Bitcoin in the spot and perpetual futures markets has turned positive for the first time since hitting a record high in October 2025. But he pointed out that the current scale of demand remains moderate and suggested that if this continues for another month, a new bull cycle may be confirmed.
Technology trends have also attracted attention. Bitcoin is approaching a much-watched "golden cross"-the 50-day simple moving average (currently $64,217) is about to cross the 200-day moving average ($68,975). The price of the cryptocurrency is currently above the two moving averages, but the continued rise requires continuous follow-up demand.
