Bitcoin briefly touched US$70,000 on some exchanges on August 20 for the first time since June 2.

This surge occurred as traders responded to President Donald Trump’s push for crypto market structure legislation and an expanded US Treasury bond buyback program.

TradingView data showed bitcoin hit US$70,000 on Coinbase before slipping below that level. It was still up more than 7% over 24 hours.

Trump told crypto and tech executives at a White House event that Congress should pass a “fair version” of the Digital Asset Market Clarity Act.

Senate Banking Committee Chairman Tim Scott said on Tuesday that the bill had a good chance of advancing in September, before a procedural vote set for Sept. 15.

Congressional records show the act is listed as H.R. 3633 in the 119th Congress.

Separately, the Treasury doubled debt buybacks in a larger operation for longer-term debt, while Treasury buyback operations are publicly announced.

Minutes from the Federal Reserve’s July meeting, released August 19, showed that most officials backed holding rates steady, but several favored a hike.

That left the prospect of tighter policy that could weigh on risk assets such as bitcoin.

🔗 Source: CoinDesk