Bitcoin jumps 11% to $71K, hits 2-month high

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Key points

• Top Trending Stocks: SBI Share Cost, Axis Bank Share Rate, HDFC Bank Share Cost, Infosys Share Rate, Wipro Share Cost, NTPC Share Rate.
• Bitcoin surged 11% to a two-month high above $71, 000, adding almost $190 billion to the crypto market capitalisation.
• Bitcoin jumped almost 11% over the past 24 hours to trade above the $71, 000 mark on Thursday, hitting a two-month high.
• 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.
• Bitcoin jumps 11% to $71K, hits 2-month high; $190 billion continued to crypto market cap after Trump's crypto push.

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

Bitcoin jumped almost 11% over the past 24 hours to trade above the $71, 000 mark on Thursday, hitting a two-month high. The rally continued almost $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. Previously 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%.

CoinDCX Research Team remarked Bitcoin recorded one of its sharpest jumps in recent times, hitting an intraday high of $70, 000. While more than $2.74 billion worth of short positions were liquidated, almost $190 billion was went on to the total crypto market capitalisation over the past 24 hours. MF Tracker: HDFC Mid Cap Fund delivers 20% in 5-years. Can the largest midcap fund sustain performance? Live Events.

Notably, 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 remarked the Commodity Futures Trading Commission (CFTC) was working on bringing Hyperliquid to the US market, the CoinDCX Research Team stated. The global crypto market capitalisation went up 9.76% to $2.41 trillion, according to CoinMarketCap. ETF flows additionally offered signs that fresh capital 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 after three trading sessions, stated Vikram Subburaj, CEO of Giottus. He continued 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. While Tron declined 0.20%, among major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin and Cardano rallied up to 29.64%. Balaji Srihari, VP – Business, India, CoinSwitch remarked that Bitcoin's move above $71, 000 is notable since it signals a potential shift from prolonged consolidation towards a broader recovery. While sustained ETF inflows and progress on regulatory clarity are adding conviction to the move, softer Treasury yields and a weaker dollar have improved liquidity conditions. 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 additionally 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. Capitalmind Flexi Cap Fund exits Vedanta and 10 others; adds 9 stocks Riya Sehgal Research Analyst Delta Exchange: CoinGlass data demonstrates 171, 320 traders were liquidated over the past 24 hours, with total liquidations reaching approximately $2.98 billion. Bitcoin implied volatility additionally briefly surged above 40 from around 35 before easing toward 37.5, highlighting the scale of the repricing. For context, 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 throughout two noted sessions, including $189.3 million in the latest session. Ethereum ETFs continued $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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For now, bitcoin jumps 11% to $71K, hits 2 remains the part of the story worth watching, and further updates are likely as more details are confirmed.