Bitcoin jumps 11% to $71K, hits 2-month high; $190 billion added to crypto market cap after Trump’s crypto push

Synopsis

Bitcoin surged 11% to a two-month high above $71,000, adding nearly $190 billion to the crypto market capitalisation. The rally followed renewed crypto support from Donald Trump, while strong ETF inflows and a sharp unwind of short positions further boosted sentiment. Ethereum and major altcoins also rallied.

Bitcoin jumped nearly 11% over the past 24 hours to trade above the $71,000 mark on Thursday, hitting a two-month high. The rally added nearly $190 billion to the total crypto market capitalisation, with sentiment turning positive after President Donald Trump addressed tech leaders, including executives from the crypto industry. Bitcoin was trading around $71,730.

In the past 24 hours, Ethereum was up 2.79% to trade at $2,285.

Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano rallied upto 26.26%.

Crypto TrackerTOP COINS (₹) Ethereum218,955 (19.1%)Bitcoin6,885,605 (11.4%)BNB61,482 (6.5%)Tether96 (0.0%)USDC96 (0.0%)CoinDCX Research Team said Bitcoin recorded one of its sharpest jumps in recent times, hitting an intraday high of $70,000. Nearly $190 billion was added to the total crypto market capitalisation over the past 24 hours, while more than $2.74 billion worth of short positions were liquidated.

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The broader crypto market gained momentum after Trump delivered remarks alongside tech leaders, including crypto executives. Trump called on Congress to pass the Crypto CLARITY Act and said the Commodity Futures Trading Commission (CFTC) was working on bringing Hyperliquid to the US market, the CoinDCX Research Team said.

The global crypto market capitalisation went up 9.76% to $2.41 trillion, according to .

ETF flows also offered signs that fresh money was returning to the market. US spot Bitcoin ETFs saw combined outflows of $385.2 million between August 10 and 14, but attracted $651 million over the following three trading sessions, said Vikram Subburaj, CEO of Giottus.

He added that staggered purchases, smaller position sizes and close attention to the $68,500 level would offer a more measured response while the market decides whether $70,000 is a breakthrough or another temporary ceiling.

Over the past week, Bitcoin and Ethereum have gained 13% and 21.72%, respectively. Among major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin and Cardano rallied up to 29.64%, while Tron declined 0.20%.

Balaji Srihari, VP – Business, India, CoinSwitch said that Bitcoin’s move above $71,000 is important because it signals a potential shift from prolonged consolidation towards a broader recovery.

Softer Treasury yields and a weaker dollar have improved liquidity conditions, while sustained ETF inflows and progress on regulatory clarity are adding conviction to the move.

Here is what other experts say on BTC above $71,000

Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin’s sharp move towards the $70,000 mark reflects a combination of improving macro liquidity conditions and a significant unwind of bearish positioning. more than $1 billion in Bitcoin shorts were liquidated within a short period, accelerating the move higher. The broader participation is also encouraging, with Ethereum posting an even stronger breakout and moving above key technical levels, suggesting that buying interest is beginning to extend beyond Bitcoin alone.

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Riya Sehgal Research Analyst Delta Exchange: CoinGlass data shows 171,320 traders were liquidated over the past 24 hours, with total liquidations reaching approximately $2.98 billion. Bitcoin implied volatility also briefly surged above 40 from around 35 before easing toward 37.5, highlighting the scale of the repricing. The next test is whether the rally can sustain itself after liquidation-driven momentum fades.

Nischal Shetty, Founder, WazirX: Institutional demand strengthened this week as US spot Bitcoin ETFs attracted approximately $486.9 million across two reported sessions, including $189.3 million in the latest session. Ethereum ETFs added $71.5 million, reflecting renewed demand for regulated crypto exposure.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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