Bitcoin (BTC) and altcoins are breaking records as short position liquidations pass $3 billion over two days.

Key points:

• Crypto short liquidations since Thursday are in excess of $3.1 billion, per CoinGlass data.
• Bitcoin continues its upside reaction to a US Treasury liquidity intervention, approaching $72,000.
• Bitcoin short-term holders take profit on previously underwater positions and move 43,300 BTC.

Two-day crypto short liquidations hit $3.1 billion

Data from CoinGlass shows ongoing crypto short liquidations at $3.1 billion for Aug. 19-20. Thursday’s tally was largest single-day wipeout of shorts ever recorded.

Crypto liquidations history (screenshot). Source: CoinGlass

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On Wednesday, BTC/USD led the charge by reacting to a liquidity intervention by the US Treasury with a price spike to the highest levels seen since the start of June. At the time of writing, upside continues, with the pair reaching local highs of $71,992 on Bitstamp, per data from TradingView.

BTC/USD one-day chart. Source: Cointelegraph/TradingView

CoinGlass shows Bitcoin accounting for just over half of the total short liquidations at $1.65 billion.

The numbers do not represent the largest crypto liquidation event if long positions are included. It is dwarfed by the $20 billion long liquidation cascade that followed Bitcoin’s reversal from the most recent all-time high of $126,200 in October 2025.

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In US dollar terms, data from CoinMarketCap puts Thursday’s total liquidations in seventh place historically, calculating the day’s long and short liquidations as $3.25 billion.

Bitcoin speculators take profit as cost basis returns

Bitcoin investors, meanwhile, capitalized on positions that were previously held at an unrealized loss.

Related: HYPE jumps 20% as Trump signals legal US path for Hyperliquid

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Short-term holders — wallets holding a UTXO for less than 155 days — sent a record 43,300 BTC in profit to exchanges in their largest profit-taking move of 2026, per onchain analytics platform CryptoQuant.

Bitcoin STH profit and loss to exchanges (screenshot). Source: CryptoQuant

As of Thursday, the spent output profit ratio (SOPR) metric for the short-term holder (STH) cohort stood at 1.01, its highest since April. This reflects that the majority of coins in UTXOs from STH wallets moved at a higher price than in their previous transaction.

Bitcoin STH-SOPR data. Source: CryptoQuant

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Previously, Cointelegraph reported that the STH cohort’s aggregate cost basis, also known as the STH realized price, stood at $68,700. At the time, analysis warned that any price upside could be stifled by the urge of investors in this cohort to exit underwater positions.

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It was almost painful for days to write these price updates, but this isn’t the case today, as bitcoin recorded its most impressive surge in 2026 that wasn’t after a notable decline. The asset skyrocketed by several grand yesterday and tapped a two-month peak at over $70,000.

The altcoins have all turned green as well, helping the total market cap add $200 billion in the span of less than 24 hours.

BTC Rocketed Past $70K

It was less than a week ago, on Friday, when the bears appeared to be in control of the market, pushing the largest digital asset to $62,500. Although it rebounded in the following days, it remained sideways at $63,000 with little to no indication of an upcoming breakout.

The first signs emerged on Monday and Tuesday as the cryptocurrency gradually increased to $64,000 and even briefly tapped $65,000. It was stopped there and slipped to $64,400 yesterday before all hell broke loose. What took place in the following few hours was almost thought to be impossible in the crypto markets.

Bitcoin initiated a massive leg up that drove it higher by over $6,000 in hours. It smashed through several key resistance zones and finally touched $70,000 for the first time since mid-June. Although it was stopped there at first and slipped to $68,000, the bulls were more persistent and drove it higher to well over $70,000 as of press time again, while the community comments on the possible reasons behind this surge.

Its market capitalization has exploded by over $100 billion in a day to $1.410 trillion on CG. Its dominance over the alts stands tall at 57%.

Alts See Nothing But Green

Ethereum has taken the main stage during this revival, surging by over 17% to a multi-month peak of its own at $2,270. HYPE has also taken full advantage of the situation, especially after some promising words from Trump, and now sits at $72 following a mind-blowing 24% pump. SOL, XRP, DOGE, RAIN, ZEC, LINK, and BNB are all in the green.

There are a few exceptions, such as XMR and WLFI, but the dominant market sentiment among the alts has flipped significantly.

This has pushed the total crypto market cap to $2.470 billion as of press time – or roughly $200 billion higher than yesterday.

The post Crypto Markets Add Over $200B Daily as Bitcoin (BTC) Surges Past $70K: Market Watch appeared first on CryptoPotato.

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Global crypto exchange BYDFi is participating as a Gold Sponsor at Coinfest Asia 2026, taking place August 20-21 at Melasti Beach in Bali. Positioned as “The World’s Crypto Festival Built for Institutions, Builders & Traders,” the event brings together participants across digital assets, finance, technology, and trading. Attendees can meet the BYDFi team at Booth A1 throughout the two-day event.

Coinfest Asia 2026 Returns for Its Fifth Edition

Coinfest Asia 2026 marks the fifth annual edition of the event, spanning five beach clubs at Melasti Beach as one integrated venue. With more than 150 CEOs and industry leaders expected across the two-day event, the program combines conference sessions, product discovery, networking, and community experiences within the beachfront setting.

The 2026 agenda is organized into three intent-based tracks: Institutional, Builders, and Traders. Together, they cover digital asset adoption, stablecoins, tokenization, regulation, AI, blockchain infrastructure, product development, market narratives, and trading strategy. Asia Go-To-Market Sessions add localized perspectives on regulatory environments, user behavior, and ecosystem development across key Asian markets.

Trading Conversations and Community Interaction in Bali

At Booth A1, BYDFi is meeting with traders, builders, institutional representatives, partners, and community members to exchange perspectives on market access, product usability, and changing trading needs. Visitors can also learn more about BYDFi’s trading experience across spot trading, perpetual contracts, copy trading, trading bots, and TradFi trading.

The booth features a Lucky Wheel where attendees can take part in on-site interaction and receive exclusive BYDFi merchandise. The activity has drawn a steady flow of visitors, with attendees gathering around the booth to watch, participate, and speak with the BYDFi team.

Reliability in a Fast-Moving Market

Coinfest Asia 2026 brings institutions, builders, and traders into one setting as digital assets become increasingly connected to the wider financial system. For BYDFi, the conversations taking place in Bali offer a timely view of shifts in technology, industry priorities, and user expectations.

This environment reinforces BYDFi’s focus on practical product improvement, steady execution, and a dependable trading experience. As user needs continue to change, that focus remains central to how BYDFi carries Built for Reliability forward.

About BYDFi

Founded in 2020, BYDFi now serves over 1,000,000 users across 190+ countries and regions. BYDFi is Newcastle United’s Exclusive Official Crypto Exchange Partner and is listed by Forbes Advisor Canada among the best crypto exchanges in Canada for 2026.

BYDFi is dedicated to delivering a world-class crypto trading experience for every user.

BUIDL Your Dream Finance.

• Website: https://www.bydfi.com
• Support email: cs@bydfi.com
• Business partnerships: bd@bydfi.com
• Media inquiries: media@bydfi.com

X (Twitter) | Instagram | Telegram | YouTube | TikTok | How to Buy on BYDFi

The post BYDFi Joins Coinfest Asia 2026, Connecting with Institutions, Builders and Traders in Bali appeared first on BeInCrypto.

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[PRESS RELEASE – VICTORIA, Seychelles, August 20th, 2026]

Global crypto exchange BYDFi is participating as a Gold Sponsor at Coinfest Asia 2026, taking place August 20-21 at Melasti Beach in Bali. Positioned as “The World’s Crypto Festival Built for Institutions, Builders & Traders,” the event brings together participants across digital assets, finance, technology, and trading. Attendees can meet the BYDFi team at Booth A1 throughout the two-day event.

Coinfest Asia 2026 Returns for Its Fifth Edition

Coinfest Asia 2026 marks the fifth annual edition of the event, spanning five beach clubs at Melasti Beach as one integrated venue. With more than 150 CEOs and industry leaders expected across the two-day event, the program combines conference sessions, product discovery, networking, and community experiences within the beachfront setting.

The 2026 agenda is organized into three intent-based tracks: Institutional, Builders, and Traders. Together, they cover digital asset adoption, stablecoins, tokenization, regulation, AI, blockchain infrastructure, product development, market narratives, and trading strategy. Asia Go-To-Market Sessions add localized perspectives on regulatory environments, user behavior, and ecosystem development across key Asian markets.

Trading Conversations and Community Interaction in Bali

At Booth A1, BYDFi is meeting with traders, builders, institutional representatives, partners, and community members to exchange perspectives on market access, product usability, and changing trading needs. Visitors can also learn more about BYDFi’s trading experience across spot trading, perpetual contracts, copy trading, trading bots, and TradFi trading.

The booth features a Lucky Wheel where attendees can take part in on-site interaction and receive exclusive BYDFi merchandise. The activity has drawn a steady flow of visitors, with attendees gathering around the booth to watch, participate, and speak with the BYDFi team.

Reliability in a Fast-Moving Market

Coinfest Asia 2026 brings institutions, builders, and traders into one setting as digital assets become increasingly connected to the wider financial system. For BYDFi, the conversations taking place in Bali offer a timely view of shifts in technology, industry priorities, and user expectations.

This environment reinforces BYDFi’s focus on practical product improvement, steady execution, and a dependable trading experience. As user needs continue to change, that focus remains central to how BYDFi carries Built for Reliability forward.

About BYDFi

Founded in 2020, BYDFi now serves over 1,000,000 users across 190+ countries and regions. BYDFi is Newcastle United’s Exclusive Official Crypto Exchange Partner and is listed by Forbes Advisor Canada among the best crypto exchanges in Canada for 2026.

BYDFi is dedicated to delivering a world-class crypto trading experience for every user.

BUIDL Your Dream Finance.

• Website: https://www.bydfi.com
• Support email: cs@bydfi.com
• Business partnerships: bd@bydfi.com
• Media inquiries: media@bydfi.com

X (Twitter) | Instagram | Telegram | YouTube | TikTok | How to Buy on BYDFi

The post BYDFi Joins Coinfest Asia 2026, Connecting with Institutions, Builders and Traders in Bali appeared first on CryptoPotato.

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Conversations with X are ongoing, according to a person who also works with other social media platforms testing stablecoins to pay influencers.

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Key takeaways

• Hyperliquid’s HYPE token surged 22% to $71.91 following comments from President Donald Trump.
• Trump said CFTC Chair Michael Selig is working to bring Hyperliquid into the US through a compliant and legal framework.
• HYPE must overcome resistance between $73 and $76 to challenge its record high of $76.87.

Hyperliquid (HYPE) rallied more than 20% on Wednesday after President Donald Trump revealed that the Commodity Futures Trading Commission is working on a potential regulatory pathway for the decentralized perpetual futures platform to enter the United States.

HYPE jumped 22% to $71.61 following the remarks, approaching its all-time high of $76.87 as optimism surrounding potential US expansion added to a broader cryptocurrency market recovery.

Trump signals compliant pathway for Hyperliquid

Speaking during a White House meeting with cryptocurrency, financial and technology executives, Trump said CFTC Chair Michael Selig was working to establish a legal route for Hyperliquid to operate in the US.

“I understand that Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion, working very hard on that,” Trump said. “We would really like to see it.”

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The president’s comments do not mean that regulators have approved Hyperliquid to offer its services in the country. However, they confirm that the CFTC is considering how the platform could enter the US while complying with federal derivatives regulations.

The agency authorized the first perpetual futures contracts on registered US exchanges earlier this year, marking an important step toward bringing the popular cryptocurrency derivatives product into the domestic market.

Perpetual futures are derivatives contracts that allow traders to speculate on an asset’s price without an expiration date.

The products account for a substantial share of global cryptocurrency trading but have traditionally been concentrated on offshore and decentralized platforms due to regulatory restrictions in the US.

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A compliant pathway could give Hyperliquid access to one of the world’s largest financial markets while potentially attracting greater institutional participation.

However, operating in the country would likely require the platform to satisfy rules governing registration, market surveillance, customer protection, anti-money laundering measures and derivatives trading.

Trump’s comments came during a wider White House gathering involving leaders from the cryptocurrency and traditional financial industries.

Attendees included Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, Robinhood CEO Vlad Tenev, Kraken co-CEO Arjun Sethi and Gemini co-founders Cameron and Tyler Winklevoss.

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Nasdaq CEO Adena Friedman and Intercontinental Exchange CEO Jeffrey Sprecher also attended, alongside representatives from Chainlink and venture capital firm Andreessen Horowitz.

Government officials at the meeting included SEC Chair Paul Atkins, CFTC Chair Michael Selig and White House crypto adviser Patrick Witt.

Trump used the event to reaffirm his administration’s ambition to position the US at the forefront of emerging technologies.

“We’re ensuring that America remains the undisputed leader not only in Bitcoin and crypto but also technologies like prediction markets, artificial intelligence and much more,” Trump said.

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He also criticized the previous administration’s policies, arguing that they discouraged digital asset innovation in the US.

HYPE approaches all-time high

HYPE climbed 22% to $71.61 after Trump’s remarks, placing the token within reach of its $76.87 all-time high.

The immediate resistance zone sits between $73 and $76. A decisive move above this area could allow HYPE to establish a new record and potentially target the next major resistance near $94.80.

Failure to overcome the $73-to-$76 region could trigger profit-taking after Wednesday’s sharp advance.

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The rally also benefited from strength across the broader cryptocurrency market. Bitcoin, Ethereum and Solana recorded substantial gains as a market-wide short squeeze contributed to nearly $3 billion in liquidations over 24 hours.

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Bitcoin has gained 15% since monday, reclaiming several key technical and on-chain levels as bullish momentum builds.

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Backed by Hana Financial Group and SK Telecom, BitGo Korea built a locally registered entity from scratch to serve institutional and enterprise clients, rather than taking the acquisition route.

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It gives us great (mostly unbiased) pleasure to write such an article, especially after weeks and months and nearly a year of painful declines or lack of any actual upside movement. After all, the cryptocurrency market is used to explosive movements, but this wasn’t the case for a long time. At least not in the ‘right’ direction.

Let’s quickly recap what happened in the past 24 hours: bitcoin traded at $64,400, then exploded to $70,000, then it was briefly pushed back to $68,000, then went on the offensive again, and then rocketed past $71,000 minutes ago for the first time since very early June.

As Glassnode put it, this was its most impressive daily close since February, but that one followed a major retracement. What makes the current pump so spectacular is that it had “no crash to bounce off.”

The last daily bitcoin:native close this large was in February, and that was just the rebound from the -14% day before it.

This one had no crash to bounce off. Against its own 30d volatility it was a 5.8 sigma move – the largest to the upside since October 2023. pic.twitter.com/SqiitTuTYc

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— glassnode (@glassnode) August 20, 2026

The Main Catalyst

Perhaps the most important factor behind this mind-blowing surge was the US Treasury Department’s announcement that it will at least double the maximum size of liquidity-support buybacks for longer-dated government debt. It will raise them from $2 billion to at least $4 billion per operation, and the changes will commence on September 9 and will continue until November 4.

This announcement came after the 30-year Treasury yield hit 5.34% on Tuesday, the highest level in nearly 20 years, as inflation concerns, heavy government borrowing, and concerns about the overall US fiscal outlook skyrocketed. The same Treasury yield dropped immediately to 5.20%, while stocks, gold, and crypto moved in the opposite direction. The dollar weakened as lower bond yields can make non-yielding and riskier assets relatively more attractive.

More US-Related Reasons

Since we are on the US topic, let’s explore two more possible factors that could be regarded as promising for risk-on assets. The first came from the POTUS, who paused the tariffs against Canada and later announced a deal to cut some of them from 25% to 15%. Tariff news has impacted BTC for over a year and a half, and trade deals tend to benefit the asset’s moves.

The other one, expectedly, also came from Trump. This time, though, it concerned Iran. Instead of warning of new ballistic attacks, the POTUS took a different approach, targeting the country’s economy.

After admitting that the Iranian government had failed to make a deal with the US, he outlined the new strategy, which will focus on bringing the country down through economic activity.

“I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY! This will be Economic Warfare and Isolation on an unprecedented scale. Their navy is gone, their air force is destroyed, their military factories are now rubble, their currency is worthless, and their country is hanging by a thread.”

Obviously, this is not the perfect outcome, especially for Iran, but at least there are no new damaging physical attacks or another threat of a nuclear massacre. Risk assets like that.

ETFs and OI

Now let’s focus more on BTC itself. The first reason here is the ETF inflows. Data from SoSoValue shows that the daily net inflows stood at just over $517 million for yesterday. This was the highest number since early May, when the flows were $630 million and $532 million for two consecutive trading sessions. Recall that bitcoin went on an impressive run back then, peaking at $83,000 within a week or so.

To put things into perspective, the netflows yesterday alone were a lot higher than the entire month of July, when the funds attracted $172.43 million.

Lastly, let’s examine the open interest, which had built up to its highest position since 2023. When leverage increases so much, every smaller move becomes much larger, which is evident from the cascade of liquidations of traders betting on the wrong side.

And the OI just a few days before yesterday’s explosion was even higher than before the October 2025 massacre, when the liquidations topped $19 billion. In other words, something was brewing for weeks, as BTC doesn’t like standing in one spot for too long.

The post What Sent Bitcoin Flying Above $71,000? 5 Factors Behind the Surge appeared first on CryptoPotato.

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Key takeaways

• Pi Network trades at $0.09 after recording three consecutive bullish daily closes earlier this week.
• Expanded US Treasury bond buybacks have improved risk appetite and pushed Bitcoin toward $70,000, but PI continues to underperform.
• The token must break above the psychological $0.1000 level and the 50% Fibonacci retracement at $0.1022 to extend its recovery.

Pi Network (PI) trades around $0.090 on Thursday, preserving its three-day recovery from earlier in the week but continuing to lag behind the broader cryptocurrency market.

Renewed risk appetite has pushed Bitcoin above $71,000 after the US Treasury expanded its longer-term securities buyback operations. 

However, PI has failed to attract enough buying pressure to produce a comparable rally.

The token must overcome the psychological $0.1000 threshold to strengthen its recovery and support a more sustained bullish move.

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Treasury buybacks lift crypto sentiment

The US Treasury announced that it would at least double the maximum size of certain liquidity-support buyback operations from $2 billion to $4 billion per transaction.

The initiative is intended to support liquidity in the longer-dated Treasury market and address concerns surrounding rising borrowing costs.

Improving bond-market liquidity and easing long-term yields have strengthened investor confidence in higher-risk assets, including cryptocurrencies.

Bitcoin has benefited substantially from the shift in sentiment, advancing toward $70,000 alongside sharp gains across several major altcoins.

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Pi Network, however, remains among the market’s notable underperformers. Derivatives data indicates a modest improvement in speculative interest around PI, but retail demand remains relatively weak.

CoinAnk data shows that PI futures Open Interest increased to $9.30 million from $8.82 million the previous day. Open Interest measures the total value of outstanding derivatives contracts and typically rises when traders establish new positions.

Despite the daily increase, the figure remains considerably below the July 15 peak of $12.14 million.

The subdued level suggests that traders remain hesitant to commit substantial capital to PI, even as improving market conditions encourage risk-taking elsewhere in the cryptocurrency sector.

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Without a more substantial increase in participation, Pi Network may struggle to keep pace with the broader market recovery.

Technical outlook: Can PI rebound toward $0.10?

Pi Network trades near $0.090 on Thursday, maintaining a neutral short-term outlook.

The token recorded three consecutive bullish daily closes earlier this week, producing a cumulative gain of approximately 4%.

PI has also moved above the 78.6% Fibonacci retracement at $0.0839, measured from the downswing between $0.1341 and $0.0703.

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Holding above this level preserves the possibility of an extended recovery. However, PI still faces significant resistance around the psychological $0.1000 mark.

The token’s immediate technical resistance sits at the 50% Fibonacci retracement level of $0.1022.

A decisive daily close above the $0.1000-to-$0.1022 zone could strengthen bullish momentum and attract additional retail participation.

Such a move would also suggest that PI is beginning to capitalize on the improving sentiment across the broader cryptocurrency market.

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Failure to overcome this resistance zone could keep the token confined to its current range and increase the likelihood of renewed selling pressure.

PI’s daily momentum indicators reflect a cautious recovery rather than a decisive bullish reversal.

The Relative Strength Index is hovering near the neutral level of 50, indicating that neither buyers nor sellers have established clear control.

Meanwhile, the Moving Average Convergence Divergence indicator remains slightly above its signal line, while its bullish histogram gradually expands. This configuration points to mild upside momentum, but the signal remains too weak to confirm a sustained rally.

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A stronger RSI move above 50, accompanied by further MACD expansion and rising Open Interest, would improve PI’s near-term outlook.

The 78.6% Fibonacci retracement at $0.0839 remains PI’s primary support level.

Buyers must defend this area to preserve the current recovery structure. A decisive break below $0.0839 could invalidate the latest rebound and expose the swing low at $0.0703.

Conversely, holding above $0.0839 while building momentum toward $0.1000 would keep the bullish recovery scenario intact.

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