Crypto Market Surges Past $2.74T on Treasury Buyback and Trump Support
The global crypto market cap surged by $500 billion to reach its highest level since May at nearly $2.74 trillion, propelled by a U.S. Treasury bond buyback announcement and supportive White House discussions.
Bitcoin was the leader in this rally, jumping 22% and breaching the $80,000 mark on August 21 before rebounding above $77,000. This surge helped bitcoin's market capitalization reach $1.55 trillion and narrowed its year-to-date losses to around 12%, a sharp recovery from nearly 30% at the start of the month.
Other altcoins also saw significant gains, with Zcash surging by almost 70% to peak near $873 and XRP gaining 51%. HYPE reached an all-time high of $82.43 after President Donald Trump's comments advocating for its expansion into the U.S.