Bitcoin tops $70,000 as $3 billion in leveraged bets get wiped out

Bitcoin’s push back above $70,000 wiped out about $3 billion in leveraged crypto positions in the last 24 hours, including roughly $2.7 billion held by short traders, according to CoinGlass.

The largest digital asset jumped about 7% to $69,500 on Wednesday and reached $70,000 following Trump’s White House remarks. It last traded at around $69,300, its highest level since early June.

CLARITY Act back in focus but Hyperliquid steals the show

Trump used a White House event with crypto executives on Wednesday to press Congress to approve the Digital Asset Market Clarity Act, saying lawmakers should “take the next step” on crypto market structure legislation. He said the measure would help preserve the US technological edge over China while laying the groundwork for future digital asset innovation.

The bill is still stalled in the Senate and has only a limited window to advance before Congress enters another recess.

Trump’s push comes as his administration continues to shape crypto policy through regulators, with the SEC unveiling proposed crypto rules this week and the Treasury Department advancing stablecoin regulations.

The biggest surprise from the event was Trump’s mention of Hyperliquid. He said the Commodity Futures Trading Commission was working to bring the decentralized perpetuals platform onshore for US users.

The statement sent HYPE above $72, up more than 22% on the day, and raised expectations that a regulatory pathway for Hyperliquid could open US access to one of the largest decentralized perpetual exchanges while creating a potential blueprint for rivals including dYdX and GMX and increasing competition with centralized exchanges.