Today, Bitcoin moved beyond $79,500, making a significant comeback from below $60,000 and hitting its highest level since late May. Afterwards, the price dropped to about $77,800, the level which was still up 23% for the week and 8% for the day.
The pull through came after Coinbase, Gemini, Ripple and Chainlink Labs executives attended a White House event where President Donald Trump urged Congress to move forward with the Digital Asset Market Clarity Act.
After crossing its 200-day moving average for the first time in nine months, Bitcoin’s rise accelerated. The U.S. Treasury improved conditions in the $30 trillion Treasury market and encouraged investors to take on more risk by increasing long-term bond buybacks from $2 billion to $4 billion each operation. The total value of the global crypto market rose 7.08% to $2.53 trillion.
Ether traded close to $2,386, up nearly 5% in the past 24 hours and 27% for the week. XRP was the top performer among major assets, rising 18% in a day and 35% for the week to $1.36.
This surge was driven by large investors buying over 380 million XRP and increased activity as Ripple, Clearpool, and Cicada teamed up to bring institutional credit to the XRP Ledger.
Elsewhere, Hyperliquid’s HYPE rose 5% to $75, extending its 32% weekly rally after Trump said the CFTC is working to bring Hyperliquid Perp DEX to the U.S. in a fully compliant manner.
Dogecoin rose more than 10% in a day and 21% for the week, reaching $0.084. BNB went up over 6% to nearly $680. Solana jumped 5% today and over 20% for the week to about $92. Tron trailed behind, increasing 1.5% to just under $0.34 and 2% for the week.
Ethena’s ENA token was a standout, jumping 40% to $0.13 after announcing a $1 billion secured institutional lending deal with FalconX for USDe. ZEC rose 13% in the past 24 hours and 30% for the week to $636, after Grayscale made progress toward launching a ZEC ETF on NYSE Arca.
CoinGlass reported that about $1 billion in short positions were liquidated in the past 24 hours, out of a total of $1.22 billion across 150,243 traders. Adding Thursday’s record $3 billion short squeeze, liquidations over two days reached more than $On August 20, Spot BTC ETFs saw $606.3 million in net inflows. Spot Ether ETFs brought in $219.5 million, Spot SOL ETFs attracted $14.6 million, and Spot HYPE ETFs received $5.8 million.5.8 million.
At the same time, rising tensions between the U.S. and Iran unsettled energy markets. WTI hit $87.83 per barrel, while Brent crude increased to $93.78 per barrel. A news conference to address fresh economic penalties on Iran is scheduled for next Monday, according to Treasury Secretary Scott Bessent. Inflation and wider economic risks were nevertheless fuelled by persistent concerns about supply interruptions close to the Strait of Hormuz.
Outlook
In the future, investors are anticipating statistics from Japan’s CPI and the United States’ August PMI later today. On August 28, Fed Chair Kevin Warsh will speak at the Jackson Hole Symposium, which runs from August 27 to August 29.
If the Fed takes a tougher stance, cryptocurrency values may come under pressure; if it takes a more relaxed stance, they might rise. Investors are also keeping an eye on the Clarity Act’s crucial 60-vote passage threshold and its September 15 Senate deadline.
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