Driven by a U.S. Treasury announcement and bullish comments from President Donald Trump, bitcoin hit a session high of $71,992, pushing its market cap to $1.44 trillion.
Key Takeaways
Bitcoin neared $72,000 on Aug. 19 after Donald Trump voiced strong support for crypto.Crypto liquidations hit $3.35 billion, while Ethereum surged 19% and LINK rose to $10.86.Trump urged the U.S. Senate to pass the CLARITY Act to provide legal crypto rules.Data from Bitstamp showed bitcoin rallied to a session high of $71,992, with mounting buying pressure pointing to a potential breach of $72,000 later in the day. The climb pushed bitcoin’s gains over the past 24 hours to 11.3% and lifted its market capitalization to $1.44 trillion.
Some CEOs attending used the occasion to call on Congress to pass the CLARITY Act, which has stalled in the Senate, to provide long-term legal certainty for domestic digital asset operations.
However, the White House event also drew controversy after President Trump explicitly referenced specific cryptocurrency protocols. In his remarks, Trump suggested his administration is actively coordinating to bring the decentralized trading platform Hyperliquid on-shore to the United States. The perceived endorsement triggered an immediate speculative surge for HYPE; building on gains from the Treasury’s earlier announcements, the token extended its rally to approach $74—placing it within less than $3 of reclaiming its June 16 all-time high of $76.87.
