Baku: Cryptocurrency prices have risen sharply, with Bitcoin approaching the $75,000 mark.

According to Azeri-Press News Agency, Bitcoin rose 8.08% over the past 24 hours to $74,758.42. The world's largest cryptocurrency has gained 18.14% over the past seven days.

Ethereum climbed 4.37% over the past 24 hours to $2,351.07, while BNB gained 5.94% to reach $661.86.

The total cryptocurrency market capitalization increased by 6.48% to $2.51 trillion.

The rally has been supported by expectations of a more favorable regulatory environment for cryptocurrencies in the United States, including President Donald Trump's push for Congress to pass the CLARITY Act. A wave of short-covering has also contributed to the sharp rise in crypto prices.