The crypto market gained 22% over the week ending August 22-23, its strongest weekly performance in over two years, with total market cap oscillating between $2.5 trillion and $2.74 trillion. Bitcoin closed near $77,000-$78,000 after briefly hitting $79,000-$80,000 intraday, while XRP surged 46%-51% and Ethereum rose approximately 27%, outperforming Bitcoin and signaling broad-based market participation. A flash crash on August 22 wiped $108 billion within minutes, triggering roughly $5 billion in liquidations, including $500 million in long positions liquidated in the first hour alone. The rally was driven by a Treasury buyback announcement providing a liquidity signal and optimism around the Clarity Act, the digital assets regulatory framework moving through Washington. Short sellers scrambling to cover positions amplified the upward move before the correction.
Source: Read the original article
