Bitcoin surged 5.4% on Wednesday, marking its strongest single-day gain since March as cryptocurrency executives prepared to meet with US President Donald Trump at the White House.
The world’s largest cryptocurrency climbed to nearly $68,300 by 1830 GMT, its highest level since early June. The move also pushed Bitcoin beyond a trading range that had held for several months. On a weekly basis, Bitcoin was up 7.6%.
Bitcoin’s market capitalization increased 5.4% over 24 hours to approximately $1.36 trillion, while daily trading volume jumped more than 77% to $35.43 billion.
The broader cryptocurrency market also gained momentum, with its total value rising about 5% to $2.31 trillion. Ethereum, the second-largest cryptocurrency by market value, climbed 9% to roughly $2,090.
The rally came as investors looked ahead to Trump’s planned meeting with executives from major cryptocurrency companies, including Coinbase, Payward, the operator of Kraken, and Blockchain.com.
The discussions are expected to center on efforts to create a more crypto-friendly regulatory environment in the United States and advance legislation aimed at establishing clearer rules for the digital asset industry.
Market sentiment was further supported by a proposal from the US Securities and Exchange Commission this week that could exempt certain digital asset offerings from securities registration requirements. The proposed changes are designed to make it easier for cryptocurrency businesses to launch and raise capital during their early stages.
However, the broader market structure legislation known as the Clarity Act remains stalled in the Senate. Lawmakers from both parties continue to disagree over provisions related to ethics.
Bitcoin and other risk-sensitive assets also received support from declining US Treasury yields and a weaker US dollar.
The US Treasury Department said it plans to at least double the size of its liquidity-support buybacks for securities with maturities between 10 and 30 years. The move could help reduce concerns over further increases in long-term borrowing costs and provide additional support for financial markets.
With regulatory developments and the White House meeting drawing investor attention, Bitcoin’s latest rally has placed the cryptocurrency back in focus as markets assess the potential direction of US digital asset policy.
