Eric Trump, co-founder and Chief Strategy Officer of American Bitcoin Corp. (NASDAQ: ABTC), is feeling pretty good about crypto right now. And why wouldn't he be? Bitcoin just had one of its best days in months, and his own company's stock ripped 13% higher.

Trump Cheers Crypto Rally

Bitcoin rallied over 7% to nearly break $70,000, reaching its highest level since early June. The coin's trading volume exploded 174% over the last 24 hours, indicating high buying pressure.

The spike also triggered the largest single-day short liquidation event in Bitcoin's history, with roughly $1.42 billion wiped out over the last 24 hours. That's a lot of traders on the wrong side of the trade.

"Exciting to see… Digital assets are the future," Trump reacted to the development.

Eric Trump's Firms Ride Momentum

American Bitcoin currently holds 8,300 BTC, worth $573 million, making it the 16th-largest corporate BTC holder. The stock closed 13% higher during Wednesday's regular trading session.

World Liberty Financial (WLFI), another Trump family-backed cryptocurrency venture, where he is listed as a co-founder, rose 2% over the last 24 hours, with trading volume surging 101%.

What Drove Crypto's Super Rally on Wednesday

A range of factors sent the cryptocurrency market into overdrive.

Growing optimism over the passage of the CLARITY Act lifted the coins and cryptocurrency-adjacent equities, with Senate Banking Committee Chairman Sen. Tim Scott (R-SC) saying the legislation has a "really good shot" of moving forward in September.

Additionally, President Trump hosted a White House cryptocurrency summit alongside CFTC Chairman Michael Selig and SEC Chairman Paul Atkins. He reaffirmed his commitment to preserve U.S. leadership in Bitcoin, cryptocurrency and prediction markets.

Macro momentum provided additional fuel after the Treasury said it would double its long-term bond buybacks, sending Treasury yields lower and boosting investor appetite for riskier assets.

Price Action: At the time of writing, BTC was exchanging hands at $69,188, up 7.58% in the last 24 hours, according to data from market data.

Market data show the ABTC stock is trending weakly across short-, medium- and long-term horizons.