Bitcoin Nears $70K as $2.99B Liquidation Wave Lifts Crypto

• Crypto market capitalization climbed 8.1% to $2.38 trillion as gains spread beyond Bitcoin.
• Ethereum outperformed BTC sharply, while XRP, Solana and HYPE posted double-digit daily advances.
• Forced liquidations reached $2.99 billion, turning an initial macro rally into a much larger derivatives-driven move.
• Washington added another catalyst as Trump pressed Congress for crypto legislation and regulators advanced separate rulemaking.

Bitcoin moved toward $70,000 late on August 19, extending a rally that began after pressure eased in the U.S. Treasury market and then accelerated through one of the year’s largest cryptocurrency liquidation events.

CoinMarketCap data showed total crypto market capitalization rising 8.1% to $2.38 trillion, with Bitcoin at $69,398.82 and Ethereum at $2,274.74. The breadth of the move matters: ETH, XRP, Solana and several other large assets rose faster than Bitcoin, suggesting the rebound had evolved from a BTC short squeeze into a broader repricing of crypto risk.

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