Flagship cryptocurrency Bitcoin today climbed close to $72,000, extending its recent rally as investors reacted to regulatory developments in the United States and easing concerns about rising oil prices. Ethereum, XRP, and Solana all joined the rally, jumping over 3 to 5%.
Overall, the crypto market cap increased about 3% to roughly $2.43 trillion. While seeing a liquidation of $253 million in the last 24 hours.
SEC and CFTC Cooperation Boosts Bitcoin Rally
On a weekly basis, Bitcoin is now up roughly 6.5%, outperforming several traditional risk assets despite ongoing geopolitical tensions. Part of the market’s strength followed a regulatory announcement in Washington.
The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission said they will work together to develop a clearer regulatory framework for crypto markets.
Under the agreement, both agencies plan to coordinate policies and oversight for digital assets and other emerging technologies. The goal is to create a regulatory approach designed specifically for crypto markets.
The initiative aligns with broader policy goals promoted by Donald Trump, who has said he wants the United States to provide clearer rules for the digital asset sector.
Oil Market Moves Also Support Risk Assets
Another factor supporting the rally came from developments in global energy markets.
Scott Bessent said the U.S. Treasury would provide temporary authorization allowing countries to purchase Russian oil shipments that are currently stranded at sea.
The move aims to increase supply and stabilize energy markets after oil prices surged nearly 10% to about $100 per barrel earlier in the week.
Bitcoin’s price jumped shortly after the statement as traders reacted to signs that energy-related inflation risks could ease.
Liquidations Accelerate the Price Move
Short liquidations also helped push the Bitcoin rally higher. Data from CoinGlass shows that 74,532 traders were liquidated in the past 24 hours, with total liquidations reaching about $251.96 million.
The largest single liquidation occurred on Hyperliquid, where a $4.24 million BTC-USD position was closed.
As of now, Bitcoin is trading at around toward $71,447, reflecting a jump of 3%. Meanwhile, prediction platform Polymarket currently shows about 62.5% odds that Bitcoin could move above $75,000 before the end of the month if bullish momentum continues.
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