The Market Today
August 21 delivered the sharpest divergence between crypto and equities in months. Bitcoin (BTC) surged to an intraday high of $79,500 - its highest level since the 2024 cycle peak - on White House momentum behind the CLARITY Act and the U.S. Treasury doubling its long-term bond buyback program to $4 billion per operation effective September 9. The move triggered more than $1 billion in forced short liquidations and sent the broader crypto complex roaring: Ethereum (ETH) +4.81pct to $2,391, Ripple (XRP) +12.61pct, and Sui (SUI) +10.61pct. BTC later retraced to roughly $77,042 as sellers defended the $79K level, but the prints were real.