Bitcoin surged past $70,000 on August 19 for the first time since June, as regulatory optimism from the White House crypto summit and favorable macroeconomic conditions ignited a broad-based rally across digital assets.
The world's largest cryptocurrency by market capitalization traded as high as $70,200 before settling near $69,400, representing a gain of approximately 8% over the preceding 48 hours. The move liquidated more than $1.4 billion in short positions, according to data from Coinglass.
Ethereum followed Bitcoin higher, climbing 10% to trade above $3,200. Solana, XRP, and Cardano also posted significant gains, with the total cryptocurrency market capitalization expanding by roughly $180 billion in two days.
The rally was catalyzed by President Trump's comments at the White House summit indicating strong administration support for crypto-friendly legislation. Traders also reacted to reports that the SEC is preparing to propose a new framework for digital asset offerings, potentially easing the path for crypto startups to raise capital.
U.S. spot Bitcoin ETFs recorded their strongest week of inflows since July, with net additions of approximately $853 million. BlackRock's IBIT led the pack, attracting $312 million, while Fidelity's FBTC added $198 million.
Technical analysts say Bitcoin's break above the $70,000 psychological level opens the door for a test of the all-time high near $74,000 set in March. However, they caution that the rally could face resistance from profit-taking and seasonal weakness typical of late summer trading volumes.
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