Bitcoin nears $74,000 after Trump-hosted crypto summit
Bitcoin touched $74,000 and traded near $73,947.41, while Ethereum, XRP, Solana and Dogecoin also advanced after a White House crypto summit hosted by President Donald Trump.
Leading cryptocurrencies extended their winning rally on Thursday as markets digested a White House summit favorable to digital assets.
Cryptocurrency 24-Hour Gains +/- Price (Recorded at 9:15 p.m.
EDT) Bitcoin (CRYPTO: BTC) +6.63% $73,947.41 Ethereum (CRYPTO: ETH) +3.94% $2,344.68 XRP (CRYPTO: XRP) +14.77% $1.27 Solana (CRYPTO: SOL) +4.20% $88.29 Dogecoin (CRYPTO: DOGE) +9.04% $0.08170 Crypto Market Climbs Higher Bitcoin touched $74,000 for the first time in almost three months, as renewed momentum kept the top cryptocurrency advancing.
Trading volume jumped 18% over the last 24 hours.
Ethereum topped $2,360, while XRP and Dogecoin saw strong rallies.
Cryptocurrency-related stocks extended their rally, with Strategy Inc. (NASDAQ: MSTR ) and Bitmine Immersion Technologies Inc. (NYSE: BMNR ) closing down 7.81% and 6.57%, respectively.
The primary catalyst lifting the sector stems from Wednesday’s high-profile White House cryptocurrency summit hosted by President Donald Trump.
Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with short sellers taking the majority of the losses, according to Coinglass data.
Bitcoin’s open interest spiked 7.25% over the last 24 hours to levels last seen on May 29.
On Binance, retail derivatives traders held a net short position in BTC, while whales sharply cut their long exposure. "Greed" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours) Cryptocurrency (Market Cap>$100 M) Gains +/- Price (Recorded at 9:30 p.m.
EDT) Ethena (ENA) +28.79% $0.1197 Pump.fun (PUMP) +23.32% $0.003786 Monad (MON) +19.34% $0.02686 The global cryptocurrency market capitalization stood at $2.49 trillion, surging by 5.42% over the last 24 hours.
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The Dow Jones Industrial Average declined 703.84 points, or 1.32%, to end at 52,759.21.
The S&P 500 shed 0.87% to close at 7,641.16, while the tech-heavy Nasdaq Composite fell 1% to settle at 26,067.17.
The 10-year Treasury yield r ose more than 5 basis points to 4.706%, while the 30-year yield climbed more than 5 basis points to 5.251%, after both yields spiked earlier this week to their highest levels in nearly 20 years.
Bitcoin’s First Real Test Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, noted Bitcoin approaching its “first real test” at $73,500-$75,000 after a sharp breakout.
He predicted a short-term BTC stall, adding, “That’s why I think that we’ll stall for a second and that the other assets within the ecosystem will start to have their massive breakouts.” #Bitcoin is approaching its first real test at $73,500-75,000 after this breakout.
That's why I think that we'll stall for a second and that the other assets within the ecosystem will start to have their massive breakouts. pic.twitter.com/zADMpTpVbI — Michaël van de Poppe (@CryptoMichNL) August 20, 2026 On-chain analytics firm CryptoQuant stated that Bitcoin recorded its largest profit-side movement ever on Binance, right where trapped buyers “finally have a chance to exit.” “A sustained reclaim of the STH [Short-term holder] Realized Price, alongside SOPR [Spent Output Profit Ratio] holding above 1 and improving spot demand, would suggest buyers are absorbing breakeven supply,” CryptoQuant stated.
On the other hand, a rejection would mean that the rebound is turning trapped holders into “exit liquidity.” Spent Output Profit Ratio is an on-chain indicator that measures whether Bitcoin investors are selling at a profit or a loss Bitcoin Just Printed Its Largest Profit-Side Movement on Record "Bitcoin just recorded its largest profit-side UTXO movement ever on Binance, right where trapped buyers finally have a chance to exit." — By @MorenoDV_ pic.twitter.com/qFgC24pDfQ — CryptoQuant.com (@cryptoquant_com) August 20, 2026 Read Also: Strive Stock Edges Higher as Bitcoin Climbs Photo Courtesy: vinnstock on Shutterstock.com