Investing.com -- A record $2.7 billion in bearish crypto bets were wiped out in a single 24-hour window on Wednesday, the largest short liquidation event in records going back to 2021, sending Bitcoin to its highest level since early June and lifting crypto-linked equities sharply.

Coinbase is among the most direct beneficiaries, gaining 7.6% in premarket trade as a major publicly listed crypto exchange whose revenue scales directly with both Bitcoin price levels and trading volumes driven by volatility events of this magnitude.

Bitcoin briefly touched $69,900 before extending to $71,396.50 as of premarket Thursday, up 3.4% on the session. More than $1 billion of Bitcoin short positions were closed in roughly one hour, according to Coinglass data, which described it as Bitcoin's "first-ever daily billion-dollar short liquidation volume."

By venue, Binance recorded approximately $517.6 million in liquidations over four hours, Hyperliquid $513 million, and Bybit $303 million.

Strategy rose 7.8%, Circle Internet Group climbed 5.6%, Robinhood Markets gained 5.3%, MARA Holdings advanced 4.4%, Galaxy Digital added 4.0%, Riot Platforms rose 3.5%, and Hut 8 gained 2.9% in premarket action ahead of Thursday's open.

President Donald Trump on Wednesday hosted crypto executives in the Roosevelt Room at the White House, with Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, Kraken co-CEO Arjun Sethi, and Tyler and Cameron Winklevoss of Gemini among those attending, Reuters reported.

CFTC Chair Mike Selig and SEC Chair Paul Atkins were also present. Trump called on Congress to advance crypto legislation, saying: "Now we need Congress to take the next step by passing the Clarity Act — fair version of the Clarity Act."

The White House summit reinforced momentum already building from the SEC's August 18 publication of a 402-page proposed rulemaking titled "Regulation Crypto Assets." The proposal creates two federal offering pathways for crypto capital formation: a startup exemption allowing raises of up to $5 million over four years, and a tiered exemption permitting raises of up to $20 million (Tier 1) or $75 million (Tier 2) subject to disclosure obligations.

SEC Chair Paul Atkins described it as "the most historic step yet to modernize federal securities regulations for crypto assets."

"What is clear is that the SEC is not waiting, in our view," Citi analysts said.

The regulatory backdrop has been shifting steadily in the industry's favor since the Trump administration took office in January 2025, though comprehensive market-structure legislation has yet to clear Congress. The CLARITY Act passed the Senate Banking Committee 15-9 in May, and Senate Majority Leader Thune has scheduled a cloture vote for September 15 at 2:15 p.m. ET, designating it the Senate's top priority upon return from recess.

Reuters reported, however, that the bill has stalled amid a crowded congressional calendar. A Reuters/Ipsos poll published August 19 found a majority of Americans believe Trump and his family have inappropriately profited from crypto, a political dynamic that some lawmakers in both parties cite as grounds for demanding stronger anti-conflict provisions before voting yes.