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Bitcoin and Altcoins Are Rallying. Is ‘Crypto Winter’ Thawing?
Altcoins like ether, XRP, and HYPE have rallied over 20% in the past 24 hours.
Bitcoin rallied for a second straight day, climbing above $72,000—a level it hasn't seen since early June—in the wee hours of Thursday morning. Meanwhile, altcoins are rallying furiously, with ether, XRP, and HYPE all rising at least 20% in the past 24 hours.
Traders appear to be betting on a tailwind from several small regulatory wins this week even as the perceived odds of the Clarity Act, a broad framework for putting rules around digital assets, passing this year have dwindled.
Crypto traders were already cheering yesterday after the Treasury Department said it would step up government debt buybacks, a move seen as stabilizing for markets and good for risk assets. President Donald Trump added good vibes when he hinted that Commodity Futures Trading Commission Chair Mike Selig was working on a way to allow DeFi platform Hyperliquid to legally operate in the U.S.
Crypto Rally Faces Test as XRP, Solana, Dogecoin Flash Overbought Signals
Cryptocurrency markets are confronting a critical session on August 20 after one of the strongest single-day rallies in months pushed Bitcoin above $69,000 and sent altcoins surging by double digits. The question now is whether the momentum can be sustained or if overbought conditions will trigger a wave of profit-taking.
Bitcoin climbed 5.71% to close at $68,380 on August 19, having touched an intraday high of $69,749. Ethereum added roughly 9%, while XRP, Solana, and Dogecoin each posted gains of approximately 13% before pulling back from their peaks. The total cryptocurrency market capitalization jumped above $2.32 trillion.
The rally was driven by a confluence of catalysts that arrived almost simultaneously. The U.S. Treasury announced plans to at least double its long-term bond buybacks from $2 billion to $4 billion per operation beginning September 9, a move that sent the 30-year Treasury yield tumbling from 5.337% to 5.18%. Falling yields typically boost the appeal of risk assets by signaling looser financial conditions and a potentially weaker dollar.
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BTC, ETH, BNB Rally Boost Global Crypto Market Cap By 6%
Bargain hunting in top cryptocurrencies drove a 6% surge in global market capitalisation as US yields moderated, shifting attention to digital assets.
The global crypto market is hovering around $2.35 trillion on Wednesday, supported by White House and the US Treasury’s announcement of increased bond buying.
Bitcoin (BTC) has seen a 6% gain; Ethereum (ETH) is up 11%; Binance Coin (BNB) has gained 4% in the last 24 hours; and oversold Ripple’s XRP has added % as momentum picked up.
Traders said a White House crypto summit, where President Trump urged Congress to pass the CLARITY Act and hinted at U.S. strategic Bitcoin purchases, sparked a market-wide rally.
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