- Bitcoin holds near $79,762, up 7.3% for the week after a record-breaking rally.
- Nvidia’s market cap jumps $442B in a day, the second-largest gain in history.
- Bitcoin ETFs post an eighth straight day of inflows, totaling $2.8B streak.
Bitcoin traded near $79,762, up 1.4% over the past 24 hours and up 7.3% for the week, briefly breaking above $81,000 during the session. Ethereum held near $2,489, roughly flat on the day but up 6.2% weekly. XRP gained 1.8% to $1.43, up 11.0% for the week, while Solana surged 5.6% to $106.94, up nearly 20% weekly. BNB rose to $709.71, up 7.7% for the week. Total crypto market capitalization stood at $2.78 trillion, up 1.1% over the past day.
Trending Searches Led by Solana and Hyperliquid
Solana topped trending searches with a 5.6% gain, followed by Hyperliquid, up 3.1%, and Bitcoin itself, up 1.4%. Among top gainers, DebtReliefBot surged 45.5% and Seeker added 30.7%, reflecting continued speculative interest even as majors extended their rally.
Nvidia’s Blowout Earnings Trigger Historic Stock Move
Nvidia’s market value jumped $442 billion in a single session, the second-largest one-day gain in stock market history, after shares surged 8.7% following strong earnings guidance that eased concerns about slowing AI growth. More than a dozen banks raised price targets, with Raymond James lifting its target to $515, implying a roughly $12.4 trillion valuation.
CFO Colette Kress said the company remains supply-constrained, adding that revenue could double next year without those limits. Nvidia also confirmed it will acquire open-source AI platform Hugging Face for $12.9 billion, with early investor Kevin Durant’s initial $250,000 stake potentially growing to over $60 million.
Bitcoin Sets Historic Weekly Record
Galaxy Research data showed Bitcoin’s rise from $62,818 to $77,593 last week marked the largest weekly dollar gain in history at $14,775, surpassing the prior record by roughly $3,108. In percentage terms, the 23.5% weekly gain ranked as the largest since March 2023. Bitcoin ETF inflows have now stretched to eight consecutive days, totaling roughly $2.8 billion, with August marking the strongest month of the year at approximately $3.3 billion.
Analysts Flag Key Levels Ahead
Garrett Jin’s whale entity said Bitcoin needs to absorb selling pressure in the $80,000-$82,500 zone, where a significant on-chain cost basis has formed, with $76,600 marking key downside support near the short-term holder cost basis.
Glassnode separately flagged $83,000-$86,000 as the range where 1.05 million BTC held by long-term holders would break even, the first major resistance zone above current spot prices.
Institutional Positioning Remains Mixed
CryptoQuant flagged that last week’s price rebound came alongside heavy profit-taking, with realized profits averaging $933 million, up 824% week-over-week, and long liquidations surging 469% versus a 15% rise in short liquidations, suggesting buying support may be thinning even as prices climb. Separately, “Set 10 Big Goals First” whale Jason60704294 flipped back to a bullish stance, adding BTC longs in the $78,000-$79,800 range and predicting a return to $100,000-$120,000.
Related: Bitcoin Mainnet Hosts First QSB Quantum-Safe Transaction Without Soft Fork
Corporate and Regulatory Developments
Stripe and Advent abandoned their more than $50 billion bid to acquire PayPal, though people familiar with the matter said a renewed offer remains possible. BitGo is reportedly acquiring NYDIG’s institutional trading business, adding roughly 30 employees and 250 institutional client relationships.
Anthropic is reportedly considering allowing existing shareholders to sell shares in its IPO, with the prospectus expected to be disclosed publicly after Labor Day and listing possible in late September or early October.
Security Incidents Continue
Base ecosystem lending protocol Moonwell was attacked, losing approximately $8.7 million after an attacker manipulated MAMO collateral pricing to drain cbBTC. RWA tokenization platform Realio Network was separately hit for roughly $6.2 million after attackers hijacked its signature infrastructure. France disclosed a tax authority breach exposing data for 678,000 individuals, raising concerns given the country’s disproportionate share of physical “wrench attacks” against crypto holders.
Related: Hyperliquid Strategies Expands HYPE Treasury to 29.3M Tokens After $646.6M Raise
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