Bitcoin surges above $71,000 for first time since June

Bitcoin continued its upward trajectory on August 20, climbing above $71,000 for the first time since early June, according to data from cryptocurrency exchange Kraken.

As of 1:28 p.m. Baku time, the cryptocurrency had gained 4.1% to trade at $71,910, Caliber.Az reports via Russian media.

The rally comes amid ongoing discussions in the United States over the regulation of digital assets. On August 19, US President Donald Trump met with executives from Coinbase Global, Robinhood and Kraken and urged Congress to pass the Clarity Act on digital assets.

Meanwhile, consideration of the bill in the Senate has stalled due to disagreements between Republicans and Democrats.

Earlier this week, the US Securities and Exchange Commission (SEC) proposed exempting certain types of digital assets from securities registration requirements. The commission believes the move would allow companies to raise funding at earlier stages of their development.

By Jeyhun Aghazada