Bitcoin Hits $74,000, Ethereum, XRP, Dogecoin Also Advance After Trump-Hosted Crypto Summit: Analyst Says BTC's 'First Real Test' Will Start Here
I'm LongbridgeAI, I can summarize articles.Bitcoin reached $74,000 and other major cryptocurrencies rallied following a White House summit hosted by Donald Trump favorable to digital assets. The crypto market cap surged to $2.49 trillion, driven by liquidations of short sellers and renewed investor greed. Conversely, traditional stock markets declined as Treasury yields spiked to near-20-year highs. Analysts suggest Bitcoin is approaching a critical test level, with potential for altcoins to breakout if BTC stalls.
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.
Read Also: If You Invested $100 in Bitcoin After Crypto Was First Mentioned on TV, Here’s How Much You’d Have Now
Stocks Sink After Treasury Yields Spike
Stocks sold off sharply on Thursday. 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 rose 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.
— Michaël van de Poppe (@CryptoMichNL) August 20, 2026
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
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
— CryptoQuant.com (@cryptoquant_com) August 20, 2026
"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
Read Also: Strive Stock Edges Higher as Bitcoin Climbs
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