Bitcoin rose 23.5% over the past week, briefly topped $79,000, and was trading at about $77,600 as of Aug. 24, according to BlockBeats. The move also pushed BTC back above its 200-day moving average for the first time since November 2025.
Ethereum gained 31.1% to $2,456 over the same period, while XRP climbed 53.3% to $1.52. Total crypto market capitalization increased to $2.63 trillion. Spot Bitcoin and Ethereum exchange-traded funds drew more than $2.61 billion in combined inflows last week.
US debt developments draw market attention
US national debt surpassed $40 trillion last week. The US Treasury also at least doubled part of its long-term debt buyback program to $4 billion, a move the report said was seen as related to simultaneous gains in gold and crypto assets.
Bridgewater founder Ray Dalio said that if the US does not change its current debt trajectory, the country could face a debt crisis in about three years. He also suggested that investors allocate about 15% to gold and "a little bit of Bitcoin."
CLARITY Act vote and competing regulatory tracks
On the regulatory front, President Donald Trump again called on Congress to pass the CLARITY Act. He said a "fair version" of the bill should be approved to keep the US ahead of China in crypto. The bill is scheduled for a procedural vote on Sept. 15 and will need 60 votes to advance.
At the same time, the US Securities and Exchange Commission proposed new rules for crypto assets. The framework would allow eligible projects to issue tokens within a certain limit and includes a safe harbor mechanism that could open a new fundraising path for US-based crypto projects.
Commodity Futures Trading Commission Chair Michael Selig said that if the CLARITY Act does not pass the Senate, the CFTC will move forward with its own crypto rules. Those would include allowing both registered and unregistered entities to offer leveraged or margined crypto asset trading, while also exploring protections for developers.
What institutions are saying about the rally
Nansen and other institutions said part of Bitcoin's recent rise was driven by short covering.
Geoff Kendrick, global head of digital assets research at Standard Chartered, said his year-end Bitcoin target of $100,000 may be "too low." If the market recovery continues, he said Bitcoin could challenge its record high of $126,000 again before the end of the year.