Bitcoin rose 11% to $71,505.7 by 04:42 ET (08:42 GMT), briefly reaching $71,700, its highest level since early June, as cryptocurrencies rallied after U.S. President Donald Trump urged Congress to pass the Clarity act. The bill is intended to establish a broad U.S. regulatory framework for crypto, but has stalled over disagreements including stablecoin yield payments. Risk appetite also improved after the U.S. Treasury said it would double the size of its debt buyback operations, sending yields sharply lower. More than $1 billion in Bitcoin short positions were liquidated in roughly an hour, while a record $2.7 billion in bearish crypto positions were wiped out. Ether rose 18.3% to $2,274.60, with XRP, Solana, BNB, Cardano, $TRUMP and Dogecoin also advancing. The CFTC (U.S. derivatives regulator) was due to meet crypto executives later Thursday to discuss regulation, while oil prices continued rising amid tensions between the United States and Iran.