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Ethereum jumps 11% as Trump pushes Congress to pass crypto legislation
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Ethereum jumps 11% as Trump pushes Congress to pass crypto legislation
Economies.com
2026-08-20 19:09 UTC
Most cryptocurrencies rallied on Thursday amid broad-based buying across the market and technical purchases by investors following a meeting held by Trump with officials aimed at urging the US Congress to approve the Clarity Act regulating the cryptocurrency market.
Ethereum jumped 10.9% to $2,318 on CoinMarketCap as of 20:08 GMT.
US President Donald Trump also hinted at the possibility of regulating Hyperliquid, a decentralized exchange that has gained increasing popularity among traders as a major platform for perpetual futures trading. The Hyperliquid token surged about 25% over the past 24 hours
The decline in US Treasury yields also helped boost trading activity in the iShares Bitcoin Trust ETF (IBIT), with volume exceeding 4.5 times its 30-day average even before the Hyperliquid news emerged. The BVIV Index, which measures Bitcoin volatility climbed above 40 after reaching a year-to-date low of 35.5 on Friday
Treasury yields declined after the US Treasury announced a significant increase in buybacks of 20- and 30-year government debt, pushing yields notably lower. Charlie Hayward, Asia-Pacific regional director at RootstockCollective, said lower yields increase the appeal of risk assets such as Bitcoin among investors.
Macroeconomic factors converge with crypto-friendly policies
Max Stüdlein, head of partnerships for Asia-Pacific at Sygnum, said Bitcoin’s rally reflects the convergence of macroeconomic factors and catalysts linked to US policy.
He explained that the Treasury’s decision to double its buybacks of long-term government debt is aimed at addressing concerns over elevated long-term yields, amid higher borrowing costs driven by worries about US debt levels and the potential impact of massive debt issuance by major technology companies investing in AI infrastructure on the bond market.
Geoffrey Kendrick, global head of digital assets research at Standard Chartered, said the Treasury’s announcement of increased support for the longer end of the yield curve represents precisely the type of development that benefits Bitcoin.
Kendrick added that investors should prepare for Bitcoin to move toward $100,000 by the end of 2026.
Meanwhile, the sharp gains in cryptocurrency prices over recent days triggered a major wave of short-position liquidations. Thomas Lee, co-founder and head of research at Fundstrat, said the market’s powerful moves over the past two days resulted in the second-largest short liquidation event in crypto market history.
The rally also pushed Ether to its highest level in three months, after gaining around 19% over the past seven days to approximately $2,251
Bitcoin had traded within a relatively narrow range over the previous six weeks, between support near $62,000 and resistance around $66,000. David Morrison, senior market analyst at Trade Nation, said the limited price action had become frustrating for traders, particularly as volatility declined despite Bitcoin having fallen to roughly half of its record high reached last October.
The latest shift suggests that falling bond yields, the US administration’s push toward a clearer regulatory framework for cryptocurrencies, Trump’s comments regarding trading platforms, and a wave of short covering have combined to give the crypto market a powerful boost after a prolonged period of range-bound trading.
Bitcoin price tops $71,000 as liquidity conditions improve
Economies.com
2026-08-20 12:19 UTC
Bitcoin (BTC) extended its gains, approaching the $72,000 level at the time of writing on Thursday, as cryptocurrency markets continued to welcome the US Treasury’s decision to double the size of its debt buybacks. The move sharply improved market sentiment and liquidity conditions, helping trigger a wave of short-position liquidations while providing a broader positive catalyst for the cryptocurrency market.
Brent jumps nearly 3% on supply concerns as Middle East deadlock persists
Economies.com
2026-08-20 11:40 UTC
Oil prices rose on Thursday, driven by concerns that the continuing deadlock in the war against Iran could prolong supply disruptions from the key oil-producing Middle East region.
Dollar falls to three-month low
Economies.com
2026-08-20 11:03 UTC
The US dollar hovered near a three-month low on Thursday after the US Treasury moved to calm a selloff in the bond market that had pushed long-term yields to their highest levels since 2007, boosting demand for risk assets and weakening the US currency.
Source: www.economies.com