Bitcoin Trims Year-to-Date Drawdown

After a sluggish start to August, the cryptocurrency market surged during the third week of the month, propelled by a U.S. Treasury bond buyback announcement and a White House meeting reaffirming the Trump administration’s support for the sector. Led by bitcoin, the broader crypto market cap expanded by $500 billion to peak near $2.74 trillion—its highest level since early May.

Bitcoin preserved most of its mid-week momentum despite a brief Sunday dip below $76,000, quickly rebounding above $77,000. Market data showed the digital asset finished the week up 22% after nearly breaching $80,000 on Aug. 21. The rally drove bitcoin’s market capitalization to $1.55 trillion and narrowed its…