Coinspeaker
23 hours ago
Bullish

Trump signals US crypto support; Ethereum jumps 18% as shorts liquidate

3 min

Ethereum and the broader crypto market surged on August 19–20 following policy signals from the White House and a large-scale short squeeze. ETH opened near $2,260 after a 24-hour move of about +18%, reaching a session high near $2,325. CoinGecko reported a 24-hour trading volume of $31.9 billion, up +415.05%, and a market capitalization of $272.8 billion. Total crypto market cap rose to $2.45 trillion, up +7.5%.

SOURCE: CoinGlass

Drivers of the move

  • Policy signals: President Donald Trump met with executives from Coinbase, Kraken’s parent Payward, and Blockchain.com. He stated plans to ensure the United States remains the leader in Bitcoin, crypto, prediction markets, and AI, and said the US has discussed buying “sizable” amounts of Bitcoin and other cryptocurrencies.
  • Regulatory proposal: The SEC proposed exemptions for certain digital asset offerings from securities registration to support startups and fundraising stages.
  • Market mechanics: A large short squeeze accompanied the move, with more than $3 billion in liquidations, ranking as the 8th largest recorded. Bitcoin rose to around $68,476–$70,000 intraday, while ETH hit approximately $2,300.

Market data snapshot

  • ETH 24-hour change: +18.8%. Volume: $31.9 billion. Market cap: $272.8 billion. Market dominance on Coinbase: 11.75%.
  • Total crypto market cap: $2.45 trillion, +7.5%.
  • Liquidations: $3+ billion across the market, per CoinGlass.
  • Bitcoin: intraday high near $70,000, largest daily increase since March 4.

Ethereum price context

SOURCE: TradingView

  • ETH closed above $2,000 on August 19 after spending the prior month largely below that level. Daily closes between July 19 and August 18 ranged from $1,844.98 to $1,954.71.
  • The move increased focus on the $3,000 level. Supplied data documents the advance and higher reported volume, without establishing a price target.

Exchange activity and supply

  • Coinbase trades in the past day: 27,568. Buyers: 16,951. Sellers: 12,069. Buyer ratio: 61%.
  • Search interest: 8,396 queries. ETH ranked second on Coinbase by popularity.
  • Circulating supply: 121 million ETH. No maximum supply. Seven-day volume: $136.38 billion. Thirty-day volume: $238.23 billion.

Reference data: CoinGecko, CoinGlass, TradingView.