{"id":934433,"date":"2026-09-16T05:22:14","date_gmt":"2026-09-16T10:22:14","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/09\/16\/bitcoin-briefly-hits-70000-for-the-first-time-since-june-here-is-why\/"},"modified":"2026-09-16T05:22:14","modified_gmt":"2026-09-16T10:22:14","slug":"bitcoin-briefly-hits-70000-for-the-first-time-since-june-here-is-why","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/09\/16\/bitcoin-briefly-hits-70000-for-the-first-time-since-june-here-is-why\/","title":{"rendered":"Bitcoin briefly hits $70,000 for the first time since June. Here is why"},"content":{"rendered":"<p>Bitcoins <\/p>\n<div data-theme=\"light\" data-module-name=\"page\" data-module-version=\"1.0.0\" data-module-instance=\"default\" id=\"content\">\n<div data-module-name=\"article-header\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<div>\n<h2>Bitcoins The largest crypto asset rose more than 7% on Wednesday after several catalysts sent crypto-related assets higher. <\/h2>\n<\/div>\n<div>\n<p><span class><time datetime=\"2026-08-19T22:26:01.513Z\">Aug 19, 2026, 6:26 p.m.  ET<\/time><\/span><\/p>\n<\/div>\n<\/div>\n<div>\n<figure><img loading=\"lazy\" title=\"bitcoins\" alt=\"bitcoins BTC briefly hits $70k on Coinbase. (TradingView)\" width=\"1920\" height=\"1080\" decoding=\"async\" data-nimg=\"1\"   src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F82824b8c815ac58b4d78d7f12ea2b2d12477841f-1529x876.png%3Frect%3D0%2C8%2C1529%2C860%26w%3D1920%26h%3D1080%26auto%3Dformat&#038;w=3840&#038;q=75\"><figcaption>BTC briefly hits $70k on Coinbase. (TradingView)<\/figcaption><\/figure>\n<\/div>\n<div data-article-body-start>\n<div id=\"se-_R_99qanpfiupanivb_\">\n<ul>\n<li>Bitcoin briefly climbed to $70,000 for the first time in 11 weeks, as improving liquidity and optimism around U.S. crypto legislation supported the rally.<\/li>\n<li>The move followed larger Treasury bond buybacks and growing confidence that the Clarity Act could advance when the Senate holds a procedural vote on Sept. 15.<\/li>\n<li>Bitcoin\u2019s break above technical resistance near $66,600 points to a potential $76,000 target, though inflation and the risk of higher interest rates could weigh on further gains.<\/li>\n<\/ul>\n<\/div>\n<div>\n<p>Bitcoin <span data-submodule-name=\"price-chip\" data-submodule-version=\"1.0.0\" data-submodule-instance=\"default\"><a href=\"http:\/\/www.coindesk.com\/price\/bitcoin\"><\/a><\/span><\/p>\n<p><span><span>BTC<\/span><span><svg fill=\"none\" height=\"24\" viewBox=\"0 0 24 24\" width=\"24\"><path d=\"M15.79 11.71L13.2 14.3C12.81 14.69 12.18 14.69 11.79 14.3L9.19995 11.71C8.56995 11.08 9.00995 10 9.89995 10H15.09C15.98 10 16.42 11.08 15.79 11.71Z\" fill=\"var(--text-neg)\" \/><\/svg><\/span><span>$75,917.73<\/span><\/span><\/p>\n<p> briefly touched $70,000 on Wednesday in some exchanges, helped by a <a href=\"http:\/\/www.coindesk.com\/policy\/2026\/08\/19\/trump-pushes-congress-to-move-on-clarity-act-during-white-house-crypto-event\">fresh push from President Donald Trump<\/a> for Congress to pass crypto market-structure legislation and by signs of greater liquidity in the Treasury market.<\/p>\n<p>The price for the largest cryptocurrency touched $70,000 on Coinbase, according to TradingView data, for the first time since June 2nd, before quickly paring back below that level. Bitcoin is still up more than 7% in the last 24 hours. <\/p>\n<p>Trump told a White House gathering of crypto and technology executives that Congress needs to <a href=\"http:\/\/www.coindesk.com\/policy\/2026\/08\/19\/trump-pushes-congress-to-move-on-clarity-act-during-white-house-crypto-event\">\u201ctake the next step\u201d<\/a> and pass a \u201cfair version\u201d of the Digital Asset Market Clarity Act. Coinbase, Gemini, Ripple and Chainlink Labs were among the crypto companies represented at the event.<\/p>\n<p>The move to $70,000 also came after Treasury Secretary Scott Bessent <a href=\"http:\/\/www.coindesk.com\/markets\/2026\/08\/19\/bitcoin-surges-above-usd68-000-liquidating-usd1-4-billion-shorts-as-treasury-buybacks-boost-risk-appetite\">doubled the size<\/a> of the Treasury Department\u2019s bond buyback operations. Traders saw the move as a potential backstop for liquidity in the more than $30 trillion Treasury market, which could ease financial conditions and support risk assets.<\/p>\n<\/div>\n<\/div>\n<div>\n<p>There are also signs that the Clarity Act may finally be moving in the Senate. Banking Committee Chairman Tim Scott <a href=\"http:\/\/www.coindesk.com\/markets\/2026\/08\/19\/coinbase-circle-and-bullish-jump-as-clarity-act-proponents-express-optimism-about-bill\">said<\/a> at the SALT conference on Tuesday that the bill has a good chance of advancing in September. A procedural vote is set for Sept. 15, giving lawmakers a few weeks to work through disagreements over crypto rewards, decentralized finance and ethics provisions.<\/p>\n<p>The rally puts bitcoin well above a <a href=\"http:\/\/www.coindesk.com\/markets\/2026\/08\/19\/bitcoin-nears-key-technical-breakout-that-could-propel-prices-to-usd76-000\">technical level<\/a> traders had been watching for much of August.<\/p>\n<p>Market technician Aksel Kibar previously flagged an inverse \u201chead-and-shoulders\u201d pattern that had been forming since bitcoin\u2019s June lows. Its neckline sat near $66,600, with a confirmed break pointing to a <a href=\"http:\/\/www.coindesk.com\/markets\/2026\/08\/19\/bitcoin-nears-key-technical-breakout-that-could-propel-prices-to-usd76-000\">possible move<\/a> toward $76,000.<\/p>\n<p>Wednesday\u2019s Federal Reserve minutes, however, offered less help to the bulls.<\/p>\n<p>Most officials backed keeping rates unchanged at the Fed\u2019s July meeting, but several favored a hike. Many also thought a tighter policy could be needed if inflation failed to fall.<\/p>\n<p>Most Fed officials expect inflation to ease through the end of the year as the effects of tariffs and earlier energy price increases fade. But they still saw inflation risks tilted to the upside, leaving the possibility of higher rates hanging over bitcoin\u2019s breakout.<\/p>\n<\/div>\n<\/div>\n<p> Helene Braun <a href=\"https:\/\/www.coindesk.com\/markets\/2026\/08\/19\/bitcoin-briefly-hits-usd70-000-for-the-first-time-since-june-here-is-why\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The largest crypto asset rose more than 7% on Wednesday after several catalysts sent crypto-related assets higher. Aug 19, 2026, 6:26 p.m. ET BTC briefly hits $70k on Coinbase. (TradingView) Bitcoin briefly climbed to $70,000 for the first time in 11 weeks, as improving liquidity and optimism around U.S. crypto legislation supported the rally. The<\/p>\n","protected":false},"author":1,"featured_media":934434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,30711],"tags":[11476],"class_list":["post-934433","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-briefly","tag-bitcoins"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/934433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=934433"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/934433\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/934434"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=934433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=934433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=934433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}