Bitget Research: Policy and Regulatory Catalysts Push Crypto Market Into a New Turning Point

Bitcoin briefly touched $70,000 yesterday for the first time in two months, while Ether climbed to $2,300 and Solana rose about 12%. Bitget Research said the move was driven by two developments on the policy and regulatory side. The White House convened the president, crypto industry executives, and the heads of the SEC and the CFTC, which the institute said showed digital assets had entered the level of national financial strategy discussions. On the same day, the SEC introduced “Regulation Crypto Assets,” which Bitget Research said creates a clearer channel for token financing and, for the first time, brings in an “investment contract safe harbor” mechanism. The institute said that could encourage more U.S.-native projects to emerge. Market structure also played a role. Bitget Research said the market was holding a bearish bias when the two catalysts landed, and the price move triggered a chain of liquidations. Across the market, 126,000 traders were liquidated, with total positions of $1.92 billion wiped out, marking the largest short liquidation day on record. Because a meaningful share of the rally came from concentrated short liquidations rather than spot buying, Bitget Research said the market may face pullback pressure in the near term. Even so, the institute said crypto is entering a new turning point shaped by policy and liquidity. It said clearer regulatory paths, together with an improvement in long-end liquidity conditions, form the basis for a new cycle.