Bitcoin surged above $75,000 on Friday for the first time since May, extending a powerful recovery as optimism over US cryptocurrency legislation and easing bond-market pressure boosted demand for digital assets.

The world’s largest cryptocurrency climbed to $75,268 early Friday, gaining more than $10,000 in just two days. Bitcoin had also crossed $70,000 earlier in the week for the first time since early June.

The rally extended across the wider crypto market. Ether, the second-largest cryptocurrency by market value, rose to $2,363, putting it more than 25% above its level a week ago. Solana, BNB, XRP, and Dogecoin also recorded strong gains over the past 24 hours.

The sharp rise caused heavy losses for traders betting on falling crypto prices. CoinGlass data showed that more than $1.25 billion worth of short positions were liquidated over the past 24 hours, including around $750 million in Bitcoin-related positions.

The latest rally followed a White House meeting on Wednesday between President Donald Trump and several cryptocurrency industry executives. Trump called on Congress to approve the CLARITY Act, which would create a clearer regulatory framework for digital assets in the US and has significant support from the crypto industry.

Crypto markets also received a boost from developments in the US bond market. Treasury Secretary Scott Bessent moved to support the market after long-term Treasury yields climbed sharply.

The 30-year Treasury yield had reached its highest level since 2007 amid concerns about the Iran war and rising US government debt. The Treasury later announced plans to double its purchases of long-term bonds, helping reduce pressure in the bond market and improving investor appetite for riskier assets, including cryptocurrencies.