Trump Meeting Sparks Crypto Rally as Ethereum Jumps 11%
The cryptocurrency market has seen a significant surge in prices following a meeting between US President Donald Trump and officials aimed at urging Congress to approve the Clarity Act regulating cryptocurrencies.
Ethereum led the charge, jumping 10.9% to $2,318 on CoinMarketCap as of August 20th, 2026, at 20:08 GMT. The Hyperliquid token surged about 25% over the past 24 hours, according to CoinGecko data.
The US Treasury's announcement of a significant increase in buybacks of 20- and 30-year government debt has contributed to the rally, with lower yields increasing the appeal of risk assets such as Bitcoin among investors. Geoffrey Kendrick, global head of digital assets research at Standard Chartered, predicts that Bitcoin will move towards $100,000 by the end of 2026.
The sharp gains in cryptocurrency prices have triggered a major wave of short-position liquidations, with Thomas Lee, co-founder and head of research at Fundstrat, noting that the market's powerful moves over the past two days resulted in the second-largest short liquidation event in crypto market history.