Bitcoin tops $72K, Trump backs CLARITY, SEC unveils crypto rules | Weekly recap

In this week’s edition of the weekly recap, Bitcoin climbed above $72,000 as more than $3 billion in leveraged positions were liquidated, President Donald Trump urged Congress to pass a “fair” CLARITY Act, and the SEC proposed new crypto offering exemptions covering raises of up to $75 million. Summary Bitcoin crossed $72,000 as more than $3 billion in leveraged positions were liquidated. Trump urged Congress to pass a “fair” CLARITY Act during a White House event. The SEC proposed crypto offering exemptions covering up to $75 million in annual fundraising. Citi plans to launch institutional Bitcoin custody through its Custody+ platform by year-end. Ethereum climbed above $2,400 as U.S. spot Ether ETFs recorded $189 million in inflows. Bitcoin clears $72,000 during $3 billion short squeeze Bitcoin surged from about $64,100 to more than $72,000 as liquidations across major crypto derivatives exchanges exceeded $3 billion on Aug. 19 and 20. Short positions accounted for approximately $2.77 billion, or 92%, of the forced closures. The move followed the U.S. Treasury’s decision to increase the maximum size of long-dated bond buybacks from $2 billion to at least $4 billion per operation...