Weekly Crypto Recap: Bitcoin Surges Past $72,000 Amid Major Developments

In this week’s edition of the weekly recap, Bitcoin climbed above $72,000 as more than $3 billion in leveraged positions were liquidated, President Donald Trump urged Congress to pass a “fair” CLARITY Act, and the SEC proposed new crypto offering exemptions covering raises of up to $75 million.

Summary

• Bitcoin crossed $72,000 as more than $3 billion in leveraged positions were liquidated.
• Trump urged Congress to pass a “fair” CLARITY Act during a White House event.
• The SEC proposed crypto offering exemptions covering up to $75 million in annual fundraising.
• Citi plans to launch institutional Bitcoin custody through its Custody+ platform by year-end.
• Ethereum climbed above $2,400 as U.S. spot Ether ETFs recorded $189 million in inflows.

Bitcoin Surges Past $72,000 Amid $3 Billion Liquidation Wave

In a dramatic turn of events, Bitcoin has soared above $72,000, fueled by a massive liquidation of leveraged positions exceeding $3 billion over the weekend. This surge, which saw Bitcoin jump from approximately $64,100, was primarily driven by a short squeeze, with around $2.77 billion—92% of the liquidated positions—coming from short sellers.

The spike in Bitcoin’s value coincided with the U.S. Treasury’s announcement to double the maximum size of long-dated bond buybacks from $2 billion to at least $4 billion per operation. Major exchanges like Binance and Hyperliquid reported significant liquidations, with figures around $518 million and $513 million, respectively.

Trump Calls for a “Fair” CLARITY Act

In a related development, former President Donald Trump urged Congress to pass a “fair version” of the CLARITY Act during a White House event attended by key figures from the cryptocurrency sector, including executives from Coinbase and Ripple. The proposed legislation aims to delineate oversight of the U.S. digital asset market between the SEC and the CFTC. However, Senate negotiations remain contentious, particularly regarding ethics provisions and decentralized finance.

SEC Proposes New Crypto Offering Exemptions

The SEC has also made headlines this week by proposing new exemptions under Regulation Crypto Assets, allowing eligible issuers to raise up to $75 million in a 12-month period. This initiative aims to streamline fundraising for crypto projects while providing a conditional safe harbor for certain assets. Stakeholders have 60 days to comment on the proposal, which has yet to take effect.

Citi to Launch Institutional Bitcoin Custody Service

In a significant move for institutional investors, Citi announced plans to launch its Custody+ platform, which will offer Bitcoin custody services by the end of 2026. This platform aims to integrate cryptocurrency and traditional securities, providing real-time settlement and liquidity services.

Ethereum and XRP on the Rise

Ethereum has also seen a remarkable uptick, climbing above $2,400 and reaching an intraday high of $2,448, buoyed by strong demand for U.S. spot Ether ETFs, which recorded $189 million in inflows. Meanwhile, XRP surged by 17% to hit $1.43, following Ripple’s support for a key amendment to the XRP Ledger.

Other Notable Developments

• Ethena: The ENA token skyrocketed by 65% after a $1 billion lending deal with FalconX.
• Securitize: Launched a tokenized high-yield fund, allowing investments in high-yield bonds and collateralized loans.
• FASB: Proposed new conditions for U.S. companies to treat qualifying stablecoins as cash equivalents.
• Swift: Successfully connected two bank tokenized deposit systems for interbank transactions.

As the cryptocurrency landscape continues to evolve, these developments signal a growing acceptance and integration of digital assets into mainstream finance. With Bitcoin’s recent surge and regulatory discussions heating up, the coming weeks promise to be pivotal for the crypto market.