Bitcoin BTC surged above $72,500 on Thursday, reaching its highest level since late May, as President Donald Trump urged Congress to advance cryptocurrency legislation and broader market conditions supported digital assets.

Bitcoin rose 6.6% to $72,644, while Ethereum gained 11% and XRP advanced 19%. Hyperliquid’s token jumped 15% after Trump said Commodity Futures Trading Commission Chairman Mike Selig was working to bring the decentralized exchange to the US.

The gains followed calls from Trump, regulators and cryptocurrency executives for Congress to pass the Clarity Act.

The proposed legislation would place Bitcoin and other cryptocurrencies under commodity regulations rather than securities laws. The bill is scheduled for a procedural vote on Sept. 15.

In contrast, US stocks struggled on Thursday. The Dow Jones Industrial Average fell 624 points while the S&P 500 declined 0.71% and the Nasdaq Composite dipped over 1%.

Short squeeze and lower yields support Bitcoin

Bitcoin‘s latest advance came a day after crypto markets recorded their largest-ever short-liquidation event.

CoinGlass data showed that $664 million worth of Bitcoin short positions were liquidated in the last 24 hours.

The rally was also supported by expectations of lower long-term borrowing costs.

The Treasury said Wednesday that it would at least double the size of its longer-term bond buybacks, helping halt a recent rise in bond yields.

Lower yields can support cryptocurrencies by making interest-bearing assets less attractive and increasing liquidity in financial markets.

However, bond yields gained on Thursday putting pressure on US stocks. Cryptocurrencies seemed to shrug off the higher borrowing costs for now.

Gideon Hyams, chairman and co-founder of STS Digital, said the short squeeze was not the only factor behind the move.

“Squeezes start rallies, but they don’t sustain them, and this one has more behind it than forced buying,” Hyams said. He pointed to falling long-term yields, returning ETF flows and greater regulatory clarity as factors that could support a sustained trend.

Nansen senior research analyst Nicolai Søndergaard similarly said short covering accelerated the breakout but did not create it. He noted that stronger spot and ETF demand were also supporting Bitcoin’s move.

Bitcoin faces test above $70,000

Despite the rally, analysts are watching whether Bitcoin can maintain its gains after the short squeeze subsides.

Søndergaard said the cryptocurrency’s technical outlook had improved but warned that leveraged long positions had become crowded. Continued spot buying could therefore determine whether Bitcoin holds above $70,000.

“Sustained acceptance above $70,000 would keep the outlook constructive, while a pullback toward the 69,700–69,000 area would be a normal test of the breakout rather than an automatic trend reversal,” he said.

CryptoQuant founder Ki Young Ju said Bitcoin demand had turned positive in both spot and perpetual futures markets for the first time since the October 2025 all-time high. However, he cautioned that the scale remained modest.

“The scale remains modest, but if this holds for another month, it would be reasonable to conclude that the bear market is over and a new bull cycle has begun,” Ju said.

Bitcoin is also approaching a widely watched golden cross, with its 50-day simple moving average at $64,217 and its 200-day average at $68,975.

The cryptocurrency was trading above both averages, although the durability of the move will depend on continued demand.

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Anthropic prepared for a potential IPO targeting a size comparable with SpaceX’s record offering, while Bitcoin climbed above $72,500 on renewed regulatory optimism.

Oil prices rose to their highest levels in more than three weeks as tensions surrounding Iran threatened further supply disruptions, while Walmart shares fell sharply despite the retailer raising its full-year financial outlook.

Anthropic aims to match SpaceX IPO valuation

Anthropic is preparing for a potential public listing that could rival the size of SpaceX’s record-setting initial public offering, reported Bloomberg, citing people familiar with the matter.

The Claude developer is considering an IPO that could raise $75 billion or more, although discussions remain ongoing and the eventual size could change.

SpaceX raised $75 billion at the outset of its IPO, with the figure reaching $86.2 billion after an overallotment option was exercised.

Anthropic could file publicly as soon as the end of August.

The company raised $65 billion in May at a valuation of $965 billion, surpassing OpenAI’s $852 billion valuation following its March funding round.

Anthropic’s preliminary second-quarter revenue exceeded $11.5 billion, compared with $787 million a year earlier.

Its revenue run rate reached $65 billion by the end of July.

However, the company continues to face substantial costs associated with AI development. Anthropic recorded a net loss of almost $42 billion in 2025, compared with about $8.3 billion the previous year.

The company is also working on a revolving credit facility expected to exceed its earlier $10 billion target and is working with Morgan Stanley, Goldman Sachs and JPMorgan on its potential IPO.

Bitcoin climbs above $72,500

Bitcoin surged 6.4% to $72,607, reaching its highest level since late May as President Donald Trump urged Congress to advance cryptocurrency legislation.

Ethereum gained 10%, while XRP rose 16%.

Hyperliquid’s token also climbed after Trump said CFTC Chairman Mike Selig was working to bring the decentralized exchange to the US.

The rally followed calls for Congress to pass the Clarity Act, which would place Bitcoin and other cryptocurrencies under commodity regulations rather than securities laws.

The legislation is scheduled for a procedural vote on Sept. 15.

Bitcoin’s advance also followed a major liquidation event. CoinGlass data showed that $664 million in Bitcoin short positions were liquidated over the previous 24 hours.

Analysts continued to watch whether Bitcoin could maintain its move above $70,000 as the impact of short covering fades.

Its 50-day simple moving average stood at $64,217, while the 200-day average was at $68,975.

Oil prices rise as Iran tensions persist

Oil prices climbed to their highest levels in more than three weeks as concerns about Middle Eastern supply disruptions intensified.

Brent crude futures rose 2.1% to $93.62 a barrel, while US West Texas Intermediate futures gained 2.7% to $88.15.

Both reached their highest levels since July 24.

The gains followed President Donald Trump’s warning of economic consequences for countries supporting Iran.

The conflict has disrupted oil and gas flows across the region, while shipping through the Strait of Hormuz remains far below pre-war levels.

UBS analyst Giovanni Staunovo said the elevated tensions could lead to further supply disruptions and tighter oil markets.

Before the war, the Strait of Hormuz handled shipments equivalent to about one-fifth of global oil consumption.

Walmart stock falls despite higher forecast

Walmart shares fell more than 9% in trading despite the retailer raising its full-year financial forecasts after reporting quarterly revenue and adjusted earnings above Wall Street expectations.

Revenue reached $187.9 billion, up nearly 6% year over year and ahead of the roughly $186 billion expected by analysts. Adjusted earnings per share came in at 81 cents, compared with expectations of 74 cents.

However, US comparable sales increased 2.6%, below the 3.8% expected by analysts. Average ticket growth slowed to 1.1%, while transactions increased 1.5%.

Walmart raised its fiscal 2027 net sales growth forecast to 4%-5% from 3.5%-4.5% and increased its adjusted EPS outlook to $2.80-$2.87.

Its third-quarter outlook was weaker, with adjusted EPS expected at 62-64 cents versus analysts’ 68-cent estimate. E-commerce sales rose 24%, while Walmart Connect revenue increased 43%, providing growth outside its traditional retail operations.

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US stocks closed lower on Thursday as rising Treasury yields pressured equities, while higher oil prices and a sharp decline in Walmart shares added to investor concerns.

The Dow Jones Industrial Average fell more than 1%, while the S&P 500 and Nasdaq Composite also declined.

Rising Treasury yields pressure stocks

The Dow Jones Industrial Average dropped 703 points, or 1.32%, to 52,759. The S&P 500 fell 0.87%, while the Nasdaq Composite declined 1%.

The declines came a day after the Treasury Department announced plans to more than double its longer-term debt buybacks, initially targeting at least $4 billion of purchases of 10-, 20- and 30-year bonds.

The move had briefly eased pressure in the bond market, but Treasury yields resumed their upward trend on Thursday.

The 10-year Treasury yield rose more than five basis points to 4.706%, while the 30-year yield increased by more than five basis points to 5.251%.

The renewed rise in borrowing costs raised concerns about the ability of the Treasury’s buyback program to provide sustained relief to the bond market.

Higher yields can also put pressure on equities by increasing the relative attractiveness of fixed-income assets and raising financing costs.

The 30-year Treasury yield had reached its highest level in nearly 20 years earlier this week.

Oil prices add to inflation concerns

Rising oil prices provided another source of pressure for investors. West Texas Intermediate crude for October delivery gained about 2% to trade above $86 a barrel, while Brent crude rose about 2% to above $93.

Oil prices advanced for a fifth consecutive session as tensions between the United States and Iran remained elevated and efforts to resolve the conflict stalled.

The increase in crude prices added to concerns about inflation and consumer spending, particularly after recent economic data pointed to weaker retail sales and labor-market conditions in July.

Energy stocks benefited from the increase in oil prices, with the S&P 500 energy index among the sectors that outperformed.

However, companies sensitive to fuel costs, including cruise operators Royal Caribbean Group and Carnival, came under pressure.

The rise in energy costs also contributed to concerns about the resilience of US consumers as gasoline prices remain elevated.

Walmart selloff weighs on broader market

Walmart shares fell sharply after the retailer reported weaker-than-expected US comparable sales and provided a softer outlook for the third quarter. The stock dropped about 9%, in its worst session in more than four years.

The decline weighed on the broader consumer sectors, with retailers including Costco, Dollar Tree and Albertsons also falling.

Other individual stocks moved sharply on company-specific developments. Moderna gave up much of its gains from Wednesday, when the biotechnology company surged nearly 177%.

Deere shares rose after the farm-equipment manufacturer raised the lower end of its full-year net income forecast.

Coty shares declined after the CoverGirl owner projected current-quarter earnings below expectations and withheld its annual outlook.

Advance Auto Parts also fell after issuing a weaker annual sales forecast.

Meanwhile, cryptocurrency-related stocks including Strategy and Coinbase gained after President Donald Trump called on Congress to advance cryptocurrency legislation.

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Bitcoin (BTC) has charged back above the $72,000 threshold – igniting a fresh wave of optimism across the cryptocurrency market.

The sudden surge followed an unexpected liquidity decision by the US Treasury Department that catalyzed risk assets and sparked renewed fears over currency debasement.

Reacting to the sudden price movement, Matthew Sigel – the Head of Digital Assets Research at VanEck – said that in an environment characterized by interest rate pressures and structural dollar weakness, Bitcoin remains “one of the best hedges you can find.”

Bitcoin’s overall performance in 2026 nonetheless remains disappointing, with the world’s largest cryptocurrency by market cap currently down some 20% year-to-date.

What’s behind Sigel’s bullish remarks on BTC

Explaining the macro driver behind the rally, Sigel dismissed the notion that Bitcoin is trading on pending legislative efforts (Clarity Act).

Instead, he pointed directly to US Treasury issuance policy, warning that heavily relying on short-term T-bills – which currently make up roughly 23% of marketable debt, well above the Treasury Advisory Committee’s recommended 15% to 20% range – triggers severe fiscal dominance.

Speaking with CNBC, Sigel noted that short-end financing rapidly escalates budget deficit costs when interest rates stay elevated, forcing pressure onto the US dollar.

Pointing out that BTC’s primary 15-year correlation has been a negative relationship with USD, he highlighted that 8 out of 12 internal capitulation indicators have turned positive following a 10-month correction.

With a massive $3 billion in short positions liquidated within 24 hours, Vaneck’s expert maintained his price target of $100,000 in the near term and up to half a million dollars by 2029.

What else could drive Bitcoin higher in the near-term

While macro factors dominate Sigel’s analysis, legislative tailwinds are contributing to the positive market sentiment as well.

Coinbase chief executive Brian Armstrong expressed confidence earlier in the day regarding next month’s anticipated vote on the Clarity Act – predicting the bill will cross the 60-vote threshold in the Senate as both political parties have secured roughly 90% of their key objectives.

Although prediction platforms like Kalshi remain far more conservative, pricing in roughly a 23% probability of the bill becoming law before year-end, traders view regulatory progress as a potential secondary catalyst.

Clear statutory definitions for digital assets could unlock structural institutional inflows, offering an added layer of support alongside fiscal debasement narratives.

Sigel’s view is in stark contrast to Mark Cuban’s

Sigel’s strong defense of Bitcoin as a hedge stands in stark contrast to “high-profile skeptics” like billionaire investor Mark Cuban.

Cuban has repeatedly voiced disappointment regarding Bitcoin’s performance during periods of economic instability, arguing that narratives surrounding fiat debasement and inflation protection are largely marketing slogans.

According to him, BTC behaves more like a speculative tech asset driven purely by supply and demand rather than a stable harbor against currency devaluation.

However, pro-crypto research heads like Sigel maintain that when structural debt and falling real rates begin capping policy options, Bitcoin’s fixed supply makes it an indispensable tool for capital preservation.

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