Crypto Rally
Bitcoin surges above $72,000 on Trump crypto bill support
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Bitcoin climbed above $72,000 on March 4, 2026, marking its highest level in nearly a month amid President Trump's endorsement of the Clarity Act, a key cryptocurrency market structure bill. The rally, which saw gains of around 6% to 8% in 24 hours, was bolstered by a South Korean stock market plunge and short position liquidations totaling $110 million. Other major cryptocurrencies like Ethereum and XRP also rose, pushing total market capitalization over $2.4 trillion.
Analysts indicate that bitcoin's market bottom could be approaching when valued against gold, potentially as soon as next month. This view contrasts with longer-term dollar-based forecasts extending into late 2026. Factors like global uncertainty and ETF outflows have pressured bitcoin relative to gold's recent gains.
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The cryptocurrency market has staged a broad rally after days of selling pressure, with bitcoin reclaiming levels around $65,000 to $66,000. Ethereum and XRP also advanced, pushing toward $1,900 and $1.40 respectively, amid signs of technical recovery. Analysts caution that the bounce may lack fundamental drivers and face resistance ahead.