Weekly Crypto Market Update: Bitcoin Hits Record High, $3 Billion in Liquidations
Bitcoin neared $79,500 as the market experienced massive liquidations.
1Bitcoin's Rapid Surge
Bitcoin reached $72,000 on August 19, marking its highest level since early June. By August 21, it approached $79,500, recording a weekly gain of 18.8%. This rally led to nearly $3 billion in liquidations, with $2.74 billion coming from short positions. Over 170,000 traders faced losses during this volatility.
2Optimistic Price Predictions
Standard Chartered analyst Jeff Kendrick predicts Bitcoin could hit $100,000 by the end of 2026. Coinbase CEO Brian Armstrong forecasts $100,000 by year-end and $300,000-$400,000 by 2030. The US Treasury's plan to increase long-term bond purchases could further push Bitcoin toward $180,000.
3Strategy's Bitcoin Holdings
Strategy, holding 840,447 BTC at an average cost of $75,385, turned a profit for the first time since late May. Binance founder Changpeng Zhao noted that 10-20% of mined Bitcoin may be lost or inaccessible, with only 4.4% of the total supply remaining.
4Ethereum's Rally
Ethereum surged 25.5% weekly, reaching $2,400. Developers launched the Glamsterdam testnet, which will overhaul gas fees and block creation to handle future high transaction volumes.
5SafePal Data Breach
SafePal disclosed a data leak affecting 39,798 customers who placed orders between March 2025 and April 2026. Names, emails, and delivery addresses were exposed, but seed phrases and payment details remained secure.
6GTA 6 Leak and Cyberleek
Cyberleek leaked gameplay footage of GTA 6 and promoted the CYBERLEEK meme coin, which neared a $4 million market cap. Rockstar's removal of some videos lent credibility to the leak.
7Attacks on Blockchain Projects
Maya Protocol suffered a $1.7 million hack, while MANTRA Chain paused transactions due to a security flaw. The Sandbox halted operations on Base and BNB Chain following a bridge attack.
8CLARITY Act Debates
The Solana Policy Institute gives the CLARITY Act a 10% chance of passing before Congressional elections. President Donald Trump urged Congress to support the bill, but critics argue it favors large crypto intermediaries.
9SEC's New Rules
The SEC's proposed crypto regulations aim to enhance transparency and security. While some welcome the clarity, others fear the rules could stifle innovation in the rapidly evolving market.