Bitcoin Near $80K: Why Crypto Rallied, LatAm Read
Key Facts
- Bitcoin closed at US$78,964 up 1.56% on Monday, August 24, within sight of the US$80,000 level, stopping about US$30 short at the session high.
- The rally was driven by the debasement trade as easing Treasury yields and expanded bond buybacks pushed investors into Bitcoin and gold as hedges against fiscal erosion.
- A US$1.14 billion cascade of short liquidations amplified the move, forcing bearish traders to buy back Bitcoin and accelerating the price climb.
- Ethereum closed at US$2,482, up 0.73% while Strive added another US$81.5 million of Bitcoin and Bitmine bought US$81 million more of Ethereum.
- Solana jumped 3.27% to US$98.56 but XRP fell 2.83% to US$1.479 after broader altcoin weakness following a recent flash crash.
- In Latin America, stablecoins still dominate accounting for 98% of crypto purchases in Brazil in Q1 2026 and over 70% of Bitso buys in Argentina.
Today’s Focus
Bitcoin closed Monday, August 24 at US$78,964, up 1.56%, after stalling just below US$80,000 during the session. The advance was powered by the return of the debasement trade: investors bought Bitcoin and gold as Treasury yields eased on expanded bond buybacks and rising concerns about American fiscal policy.
A US$1.14 billion cascade of short liquidations added fuel, forcing bearish traders to cover positions. Ethereum rose 0.73% to US$2,482 and Solana climbed 3.27% to US$98.56, while XRP fell 2.83% to US$1.479 amid lingering altcoin caution.
For Latin America the signal is mixed. Bitcoin’s rally grabs headlines, but stablecoins remain the region’s real workhorse: 98% of Brazilian crypto purchases in the first quarter of 2026 and more than 90% of regional digital-asset throughput in 2025 ran through dollar-linked tokens.
What matters today. The Bitcoin rally is a US fiscal story, while Latin America’s crypto economy continues to run on stablecoins for everyday payments and remittances.
01 The session in one read
Bitcoin closed Monday, August 24 at US$78,964, a gain of 1.56% that put the world’s largest cryptocurrency within a short step of the US$80,000 mark it tested during the session. The driver was not a single headline but a shift in the US bond market: expanded Treasury buybacks pulled yields lower and revived the debasement trade, in which investors buy Bitcoin and gold as protection against eroding purchasing power.
A US$1.14 billion cascade of short liquidations amplified the move, as bearish traders were forced to buy back positions. Ethereum followed higher at US$2,482, up 0.73%, and Solana outpaced the majors with a 3.27% rise to US$98.56. XRP bucked the trend, sliding 2.83% to US$1.479 after recent altcoin volatility.
The Monday move looks like a textbook debasement trade: easing Treasury yields and expanded buybacks pushed money into scarce assets. The variable to watch is whether Bitcoin can sustain a close above US$80,000, a level it has struggled to hold since May.
02 The board
The price board tells a story of Bitcoin leading while the rest of the market follows unevenly. Bitcoin’s 1.56% gain to US$78,964 was the anchor; Solana’s 3.27% jump to US$98.56 showed that fast, low-cost layer-one networks are still attracting speculative interest when risk appetite returns.
Ethereum’s more modest 0.73% rise to US$2,482 reflects its dual role as both a crypto asset and a platform whose adoption narrative now competes with newer chains. XRP’s 2.83% fall to US$1.479 is the outlier, a reminder that assets tied to specific corporate and regulatory stories can diverge sharply from the broader market.
| Asset | Level | Change |
|---|---|---|
| Bitcoin | US$78,964 | +1.56% |
| Ethereum | US$2,482 | +0.73% |
| Solana | US$98.56 | +3.27% |
| XRP | US$1.479 | -2.83% |
Source: RT close, 2026-08-24. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 171,906.72 | +0.51% | +21.85% | 171,031.73 | 168,310 | 167,142 | — |
| IPSA | 11,537.98 | +1.76% | — | 11,338.38 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 66,105.23 | +0.57% | +12.17% | 65,729.18 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,995,129 | +2.81% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,510.72 | +2.09% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,222.25 | -0.17% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
The clearest driver was the US Treasury’s expanded bond buyback programme, which pushed bond yields lower. Analysts read the move as a signal that Washington will tolerate more fiscal accommodation, which historically benefits scarce assets like Bitcoin and gold.
The short squeeze did the rest. When Bitcoin crossed key technical levels, US$1.14 billion in bearish positions were liquidated in 24 hours, forcing sellers to buy back at higher prices. Corporate buyers reinforced the trend: Strive paid US$81.5 million for 1,110 Bitcoin, taking its holdings to 21,356 BTC, while Bitmine added US$81 million more of Ethereum.
04 The Latin American read
For readers across Latin America, the Bitcoin rally is partly a foreign story about US fiscal policy. The region’s everyday crypto use looks different: in Brazil, stablecoins accounted for 98% of crypto purchases in the first quarter of 2026, on US$6.9 billion of quarterly volume, meaning dollar-linked tokens are the true medium of exchange.
Argentina shows the same pattern. More than 70% of purchases on Bitso were USDT and USDC, and about 75% of workers paid in crypto chose stablecoin salaries, a rational hedge against peso depreciation. El Salvador’s Bitcoin experiment remains marginal: digital-currency remittances hit US$35.4 million in the first half of 2026, up 39.1% year on year, but still only 0.7% of total remittance flows.
05 The names to watch
Strive is now a meaningful Bitcoin treasury company, holding 21,356 BTC after Monday’s purchase at an average of US$73,409 per coin, and its Nasdaq-traded shares surged more than 11%. Bitmine is about 187,000 Ethereum short of a 5% supply target, making its accumulation a structural support for ETH.
In the exchange and infrastructure layer, Gemini is planning to distribute crypto prediction markets through Apex, and Coinbase is bringing tokenized stocks to an Ethereum layer-2 network via custodian Alpaca. These moves matter for Latin America because they expand the range of dollar-linked and tokenized assets that can serve as savings and payment tools.
06 The outlook
The immediate question is whether Bitcoin can hold above US$80,000 on a closing basis, a level it has failed to sustain since May. A confirmed breakout would likely pull Ethereum and Solana higher, while XRP’s recovery depends on regulatory and partnership news such as the Ripple tie-up with Korea’s Jeonbuk Bank.
For Latin America, the more durable trend is the quiet growth of stablecoin infrastructure. With more than 90% of regional digital-asset throughput running through dollar-linked tokens in 2025, the next phase is less about Bitcoin’s price and more about cheaper remittance corridors and production-grade payment rails.
07 What to watch
- US Treasury buybacks: Further expansion would deepen the debasement trade and support Bitcoin and gold.
- Bitcoin US$80,000 close: A confirmed close above this level could trigger a new round of short covering.
- XRP regulatory news: Ripple’s Jeonbuk Bank partnership and US licensing developments will set XRP’s direction.
- LatAm stablecoin regulation: Brazil’s 98% stablecoin share and Argentina’s peso hedging make local rules the key adoption variable.
Frequently Asked Questions
Why did Bitcoin rise on Monday?
Expanded US Treasury bond buybacks pulled yields lower and revived the debasement trade, while US$1.14 billion in short liquidations amplified the move.
Why did XRP fall while Bitcoin rose?
XRP slipped 2.83% to US$1.479 after broader altcoin weakness following a recent flash crash, showing divergence from the Bitcoin-led rally.
Do Latin Americans use Bitcoin or stablecoins?
Stablecoins dominate: 98% of Brazilian crypto purchases in Q1 2026 and over 70% of Bitso buys in Argentina were USDT or USDC.
Is El Salvador’s Bitcoin bet working?
Digital-currency remittances reached US$35.4 million in H1 2026, up 39.1% year on year, but still only 0.7% of total remittance flows.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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