Bitcoin Jumps 23.5% as U.S. Debt Concerns and Crypto Rulemaking Drive Market Attention

ChainThink said market data show Bitcoin gained 23.5% last week, briefly topping $79,000 and recently trading around $77,600. The move put Bitcoin back above its 200-day moving average for the first time since November 2025. Ethereum climbed 31.1% to $2,456, XRP surged 53.3% to $1.52, and total crypto market capitalization rose to $2.63 trillion. Spot Bitcoin and Ethereum ETFs recorded combined net inflows of more than $2.61 billion over the week. Macro headlines also drew focus. U.S. national debt exceeded $4 trillion last week, and the Treasury doubled its long-term debt repurchase volume to at least $4 billion. Markets linked the shift to concurrent strength in gold and crypto assets. Bridgewater Associates founder Ray Dalio warned that without a change in the U.S. debt path, a debt crisis could emerge within three years. He said portfolios should include about 15% gold and "a bit of bitcoin." On regulation, Trump urged Congress to pass the CLARITY Act, with a procedural vote set for September 15 that requires 60 votes to advance. The SEC has floated new crypto-asset rules that would allow qualifying projects to issue tokens up to a specified cap, paired with a safe-harbor framework. CFTC Chair Michael Selig said that if the bill does not pass, the agency will proceed with its own rulemaking, including allowing leveraged crypto trading and considering protections for developers. Nansen said part of the latest rally appears to reflect short covering. Standard Chartered Global Head of Research Geoff Kendrick said Bitcoin's $100,000 year-end target may be "too low," adding that if the recovery holds, Bitcoin could challenge its all-time high of $126,000 by year-end.