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BTC 
ETH 
XRP The cryptocurrency market continued its strong rebound on August 20, with the total market value climbing more than 5% to approximately US$2.5 trillion. Bitcoin, Ethereum and Ripple all rising. Institutional demand has also increased. U.S. spot bitcoin exchange-traded funds recorded a net inflow of approximately US$517 million on August 19, the third consecutive day of net inflows.
This rally forced traders who were bearish on cryptocurrencies to liquidate their positions. Within 24 hours, more than $3 billion in short cryptocurrency positions were cleared, with Bitcoin and Ethereum accounting for the majority of the short squeeze. Market sentiment also improved as prices rebounded. As of press time, the Cryptocurrency Fear and Greed Index has shifted from 46 ("Fear") a day ago to 63 ("Greed").
MARA led gains in cryptocurrency stocks
Cryptocurrency-related stocks mostly followed the market higher, especially those with businesses or balance sheets closely tied to Bitcoin. Bitcoin miner MARA Holdings was the strongest performer among major cryptocurrency-related stocks, rising 15.44% to close at $11.15 on Thursday. Peer miner Riot Platforms rose 8.36% to $20.98;CleanSpark rose 7.97% to close at $12.60. Strategy rose 7.81% to $112.39;Coinbase rose 7.58% to close at $172.35.
Coinbase also gained additional impetus when CEO Brian Armstrong said on August 20 that there is a "strong possibility" that Bitcoin will return above $100,000 this year. Armstrong also mentioned that the Trump administration pushed for the passage of the CLARITY Act after a White House meeting with cryptocurrency executives on August 19.
Strategy's trend closely followed Bitcoin's rebound. The company remains the largest holder of corporate Bitcoin, and its share price is particularly sensitive to changes in Bitcoin prices. Despite the overall weak performance of the U.S. stock market, the S & P 500 index closed down 0.87% on August 20 and the Nasdaq Composite Index fell 1%, the cryptocurrency market still rose.
Not all cryptocurrency stocks participated in the gains
On the downside side, Fold Holdings fell 13.12% to US$0.45, becoming the biggest decline among the selected stocks. Core Scientific fell 1.76% to $18.39;Block fell 1.05% to $80.08;Robinhood fell 0.70% to $95.10;IREN fell 0.56% to $42.60. This divergence suggests that although rising cryptocurrency prices may support the sector as a whole, company-specific factors can still lead to significant differences in individual stock returns.
As of press time, the trading price of Bitcoin was US$72,726, up 4.97% in 24 hours; Ethereum was US$2,330, up 3.52%; and Ripple was US$1.24, up 12.01%.
