The cryptocurrency market saw substantial gains on August 20, with the total crypto market capitalization increasing by 10.6% to reach $2.43 trillion. Bitcoin (BTC) climbed to $72,000 for the first time since June 1, while major altcoins such as Hyperliquid (HYPE) and Pepe Coin (PEPE) surged by more than 20%.
The market uptrend began following statements from US Treasury Secretary Scott Bessent regarding treasury buybacks to support the bond market, which traders viewed as a potential boost for liquidity and risk assets. Additionally, market momentum was reinforced after a White House meeting between President Trump and crypto executives on August 19, during which plans for US government Bitcoin acquisitions were discussed.
The sharp upward movement triggered massive liquidations among short sellers. According to CoinGlass data, $3.03 billion in short positions were wiped out within a 24-hour period, marking the largest single-day short liquidation event in the history of the sector. Bitcoin accounted for $1.76 billion of the liquidations, followed by Ethereum at $1.16 billion, Solana at $109 million, and HYPE at $58 million.
Total market open interest rose by 10% to $126.7 billion, representing the highest level since June 1. Futures trading volumes doubled over 24 hours to $325 billion.
Bitcoin and Altcoin Performance
Bitcoin's price moved past the 200-day exponential moving average (EMA) resistance of $71,543, bringing its daily gain to over 11%. Bitcoin exchange-traded funds (ETFs) recorded $517.19 million in inflows, marking the largest single-day inflow since May 4. Meanwhile, Ethereum ETFs saw $189.15 million in inflows, and XRP ETFs added $2.35 million.
Hyperliquid (HYPE) rose more than 24% to trade at $72, supported by increased buying pressure and statements regarding regulatory developments. Pepe Coin (PEPE) gained 21% to trade at $0.00000313, leading gains among major meme coins as its futures trading volumes jumped by 346% to $797 million.
