Bitcoin jumped nearly 12% over 24 hours to trade past $72,000 on August 20, the day after President Trump held a White House meeting with crypto executives and publicly called for Congress to pass the Clarity Act.
The digital asset touched $72,344 earlier in the session, according to Bitcoin Magazine. At 8am New York time, BTC was trading at $71,758. The price surge followed Trump’s Wednesday press conference, where he told lawmakers: “Now we need Congress to take the next step by passing the Clarity Act, a fair version of the Clarity Act, and this landmark structure legislation.”
Kraken and Coinbase participated in Trump’s meeting at the White House. The Clarity Act would establish a framework distinguishing between digital assets classified as securities, commodities, or payment stablecoins. Trump framed passage as critical to keeping the U.S. ahead of China.
The price movement came as the Treasury Department announced it would more than double the size of its government debt repurchases. Lower long-term yields reduce the opportunity cost of holding non-yielding assets like bitcoin. Short positions liquidated following the price jump, with $1.7B in shorts wiped out.
A number of lawmakers had hoped to vote on the Clarity Act in August, but the vote was delayed to September 2026.
Bitcoin’s 2026 Struggle
Bitcoin’s surge past $72,000 marks recovery from a bruising year. The asset reached an all-time high of $126,080 in October 2025 but spent most of July and August 2026 priced under $65,000. Geopolitical headwinds, including the U.S.-Iran war and rising oil prices, combined with Federal Reserve reluctance to lower interest rates, have weighed on the price.
When asked about adding to the Strategic Bitcoin Reserve, Trump said: “It’s taken a lot of pressure off the dollar, it’s been very, very good for the dollar, and I think if regulators came in with recommendations, I would certainly listen.” The crypto industry has long pushed for the Clarity Act as a foundational regulatory framework.
