Bitcoin roars back above $71,000 as crypto markets rally

On Wednesday, August 19, 2026, Bitcoin price chart showed a sharp rise in the cryptocurrency’s value. It jumped by over 8% and briefly reached $69,700, marking its largest gain since March and its highest level since June 2.

The rally began following the US Treasury’s decision to double planned buybacks of long-term government bonds. This move drove Treasury yields lower, weighed on the dollar, and made riskier assets more appealing. 

Macro tailwinds and White House backing

Another boost came from a White House summit with major crypto executives, where the Trump administration reaffirmed its backing for the CLARITY Act, designed to clarify whether digital assets fall under the oversight of the SEC or the Commodity Futures Trading Commission. A procedural vote is expected in September, with the bill requiring 60 votes to advance. 

Moreover, during the meeting, the U.S. President Donald Trump was asked whether the administration was planning to build sizable holdings of Bitcoin or other cryptocurrencies. In response, Trump said the idea had been discussed, though he provided no firm confirmation.

Altcoins, crypto stocks, and inflows surge

The enthusiasm went well beyond Bitcoin. Ethereum gained 20% in a day, outperforming other altcoins, while XRP added 15%. Solana also rallied and several other altcoins rose by roughly 5-7%. However, the rally was not universal across the crypto heatmap, with some assets still hovering near their lows.