Bitcoin Rises to 12-Week High, Regulatory Momentum Helps

Dow Jones14:53

0653 GMT - Bitcoin rises around 4% to a 12-week high of $75,681, according to LSEG data. The cryptocurrency is boosted by a combination of regulatory momentum, institutional spot demand, lower-yield expectations and forced short covering, Zaye Capital Markets' Naeem Aslam says in a note. President Trump has urged lawmakers to pass a "fair version" of the Clarity Act, a proposed U.S. federal bill aimed to create a clear legal framework for crypto currencies and digital assets. "That materially changes the regulatory risk premium surrounding bitcoin because clearer rules can make banks, asset managers and corporations more comfortable allocating capital to the sector, while the possibility of additional sovereign holdings strengthens bitcoin's scarcity narrative," Aslam says.

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