- Bitcoin is trading around $71,600, up 11.23% in 24 hours, as the broader crypto market rallies.
- Treasury buybacks are supporting market liquidity, helping lift Bitcoin and other risk assets.
- Trump urged Congress to advance the CLARITY Act, adding to positive sentiment around U.S. crypto regulation.
Bitcoin went up to $70,000 for a time on Wednesday. This is the time Bitcoin has reached that level since June. The whole cryptocurrency market is going up fast. Bitcoin is now about $71,600 , at the time of writing. Bitcoin is up 11.23% in the last 24 hours. Ethereum is close to $2,272. Ethereum is up 23.08%, in the 24 hours.
Treasury Buybacks Boost Market Liquidity
The rally followed the U.S. Treasury’s decision to at least double the size of its long-term bond buybacks from $2 billion to $4 billion per operation, starting September 9.
People who trade think this change will help add money to the Treasury market, which is really big at over $30 trillion. When bond yields went down it made people feel more positive and helped things like Bitcoin and other cryptocurrencies do better.
This change also caused a problem for people who were betting against the market, which is called a short squeeze. The Treasury market is a deal and this move is going to affect it and things, like Bitcoin and other cryptocurrencies are going to feel the effects of this change too. Around $1.4 billion in short positions were liquidated within hours as bearish traders rushed to close their positions.
Trump Pushes Crypto Market Bill
U.S. President Donald Trump also urged Congress to move forward with the Digital Asset Market Clarity Act during a White House meeting with crypto executives.
Trump called for a fair version of the market-structure bill, which has been stuck in the Senate. Coinbase, Gemini, Ripple and Chainlink Labs were among the companies represented at the meeting.
.@POTUS: “In May, @ChairmanSelig authorized the first-ever true Bitcoin perpetual futures contract on a @CFTC-registered exchange. I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion.” https://t.co/yqShFTzhjr pic.twitter.com/pQLvd4hRbG
— Rapid Response 47 (@RapidResponse47) August 19, 2026
According to the White House’s official rapid-response account on X, Trump said that the CFTC is also working to bring Hyperliquid into the U.S. in a fully legal and compliant way
Senate Banking Committee Chairman Tim Scott said the bill could advance in September, with a procedural vote scheduled for September 15.
ETH, SOL, XRP & HYPE Surge As Bitcoin Rally Lifts Crypto Market
Ethereum has been one of the biggest beneficiaries of the market-wide move. Ether went past $2,272 after moving above $2,000 for the time since June.
Other big coins also went up. Solana went up, than 10% and XRP went up about 10%. Dogecoin also went higher as traders put money into riskier crypto assets.
Hyperliquid’s HYPE was among the strongest performers. The token is trading around $71.94, up 23.08% in 24 hours, according to CoinMarketCap.
Trump Signals U.S. Path For Hyperliquid
HYPE’s rally accelerated after Trump said the CFTC was working on a way to bring Hyperliquid into the United States in a compliant manner. HYPE briefly moved above $70 following the comments.The development could give Hyperliquid a clearer path toward serving U.S. users if regulators approve a suitable framework.
Fed Policy Remains A Risk
The stock market had a jump but people who buy and sell stocks are still keeping an eye on the Federal Reserve. The Federal Reserve recently released some information. It showed that most of the people in charge of the Federal Reserve thought it was a good idea to keep interest rates the same.
However, some of the people at the Federal Reserve thought that if the cost of things keeps going up fast they should raise the interest rates of the Federal Reserve.
For Bitcoin, the combination of stronger liquidity, falling yields and progress on crypto regulation has improved market sentiment. However, inflation and future Fed policy could still create volatility as the rally continues.
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