Bitcoin’s move back above $70,000 wiped out about $3 billion in leveraged crypto positions over the past 24 hours, including roughly $2.7 billion held by short traders, according to CoinGlass.

The largest digital asset rose about 7% to $69,500 on Wednesday and touched $70,000 after remarks by Donald Trump at the White House. It last traded around $69,300, its highest level since early June. The move underscores how quickly highly leveraged crypto markets can reset when prices break through a closely watched level, forcing traders to unwind positions in a matter of hours.

CLARITY Act returns to focus as Hyperliquid draws attention

Trump used a White House event with crypto executives on Wednesday to urge Congress to approve the Digital Asset Market Clarity Act, saying lawmakers should “take the next step” on crypto market structure legislation. He said the measure would help preserve the US technological edge over China while laying the groundwork for future digital asset innovation.

The bill remains stalled in the Senate and has only a limited window to advance before Congress enters another recess.

Trump’s push comes as his administration continues shaping crypto policy through regulators, with the SEC unveiling proposed crypto rules this week and the Treasury Department advancing stablecoin regulations. For the industry, that makes the CLARITY Act part of a broader effort to define how digital asset markets will be supervised in the US, even as key details remain unsettled.

The biggest surprise at the event was Trump’s mention of Hyperliquid. He said the Commodity Futures Trading Commission was working to bring the decentralized perpetuals platform onshore for US users.

The statement pushed HYPE above $72, up more than 22% on the day, and raised expectations that a regulatory path for Hyperliquid could open US access to one of the largest decentralized perpetual exchanges. It also suggested a possible blueprint for rivals including dYdX and GMX, while increasing competition with centralized exchanges.