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Economy

Bitcoin Rockets 20%, Ethereum Surges 25% In Crypto Rally

Cryptocurrencies roared back to life from Aug 17 to Aug 21, with Bitcoin gaining nearly 20% and Ethereum surging about 25% as improving liquidity conditions and renewed optimism over US crypto regulation unleashed a powerful risk-on rally. Bitcoin climbed from around US$64,500 on Aug 17 to US$77,300 by Aug 21, briefly touching above US$79,000 during […]

Source: Business Today Malaysia · August 23, 2026 at 2:31 AM · AI-assisted report

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Bitcoin Rockets 20%, Ethereum Surges 25% In Crypto Rally
Photo: Travelpleb / CC0

NEW YORK, 23 AUGUST 2026 —

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Bitcoin surges 20%, Ethereum climbs 25% in four‑day rally

Market Impact

Cryptocurrencies rallied sharply between 17 and 21 August, with Bitcoin rising 19.8% and Ethereum up 25.3%. The rally was driven by easing liquidity conditions and renewed optimism over U.S. regulatory developments, according to a report from Business Today Malaysia. Bitcoin moved from roughly US$64,500 on 17 August to US$77,300 on 21 August, briefly breaching US$79,000 before settling near US$77,000.

Ethereum’s price climbed from about US$4,200 to US$5,250 in the same period, reaching a high of US$5,400 before retracing slightly.

Impact on Malaysian markets The rally has had a muted effect on Malaysia’s equity markets. The FTSE Bursa Malaysia KLCI index closed 0.3% lower on 21 August, trading at 5,120. The technology and financial sectors, which are most exposed to crypto‑related activity, saw a combined decline of 0.5%. The Malaysian Ringgit remained largely flat against the U.S. dollar, trading at 4.30 MYR/USD.

Analysts note that while global crypto gains have increased investor appetite for risk, local market participants remain cautious due to regulatory uncertainty and the limited integration of digital assets into mainstream financial services.

Source details Business Today Malaysia cited data from the New York Stock Exchange and the Chicago Mercantile Exchange, noting that the liquidity boost was partly due to the Fed’s announcement of a pause in interest‑rate hikes. The report highlighted that U.S. regulators are expected to release a draft framework for digital asset securities later this month, which could further influence market sentiment.

The article also mentioned that Bitcoin’s on‑chain activity, measured by active addresses, increased by 12% during the rally, while Ethereum’s gas fees fell by 18%, indicating a more efficient network.

Outlook Market observers anticipate a consolidation phase following the rally, with Bitcoin and Ethereum likely to trade within a 5% range in the coming weeks. The forthcoming U.S. regulatory framework will be a key catalyst; a favorable outcome could sustain the upward trajectory, whereas a restrictive stance may trigger a pullback.

In Malaysia, the Securities Commission is expected to issue guidance on digital asset trading platforms by the end of September, which could open new avenues for local investors and potentially lift the KLCI index if confidence in crypto‑related equities improves. Details not yet available.

Related: Bursa Malaysia

Reporting based on Business Today Malaysia. Figures and claims are subject to revision as the story develops. DomainFork publishes editorial context, not investment advice — see our editorial standards.