- Ethereum surged 17.51% to close at $2,253.35 as trading activity intensified, with Coinbase data showing a major jump in volume and increased volatility.
- The crypto market opened with traders asking one key question: Why is crypto up today? ETH started the session near $2,260 after posting an almost 18% gain over the previous 24 hours.
- CoinGecko data showed Ethereum trading near $1,930 before an unexpected rally pushed ETH to a session peak of $2,325. The sharp move triggered more than $3 billion in liquidations, placing it among the eight largest liquidation events ever recorded. That figure, however, remains far below the $19 billion record set in October 2025 after Trump threatened sweeping tariffs on Chinese imports.
- Ethereum’s 24-hour gain reached 18.8%, according to CoinGecko. Trading volume jumped to $31.9 billion, representing a 415.05% increase, while ETH’s market value climbed to $272.8 billion.
- Crypto’s broader market capitalization rose 7.5% overnight to $2.45 trillion, with Ethereum emerging as one of the strongest-performing major assets during the rally.
Why Is Crypto Up Today? Trump Signals Strong US Commitment to Crypto
- President Donald Trump met with representatives from major crypto companies, including Coinbase Global Inc., Payward Inc. and Blockchain.com Group Holdings Inc., during a meeting focused on the industry’s future.
- The Trump administration has continued promoting crypto and prediction markets through policies aimed at creating a more supportive regulatory environment.
- The meeting followed an SEC proposal that would exempt certain digital asset offerings from filing securities registration statements. The regulator is pursuing several crypto-focused initiatives after major digital asset legislation stalled in Congress.
- The SEC said the proposed exemptions could help startups and companies seeking to raise funds. Bitcoin also recorded its biggest increase since March 4, reaching $68,476, its highest level since June 1.
- Trump later told reporters that the US would maintain its position as the “undisputed leader” in Bitcoin and crypto, while also highlighting prediction markets and artificial intelligence.
- He added that the US intends to acquire “sizable” quantities of Bitcoin and other cryptocurrencies. The comments sparked renewed buying, with Ethereum breaking above $2,000 and Bitcoin climbing as high as $69,900.
- Trump’s remarks appear to have acted as the primary catalyst for the latest rally, helping explain the sharp increase in crypto prices over the past 24 hours.
Ethereum Price Outlook: ETH Reclaims the $2,000 Level
- Ethereum closed Aug. 19 above $2,000 after beginning the session around the same level. ETH had remained below that threshold for most of the previous month, with daily closes ranging from $1,844.98 to $1,954.71 between July 19 and Aug. 18.
- The move above $2,000 has revived speculation around a potential run toward $3,000. Still, current market data do not confirm a specific target and instead point to strong short-term momentum, heavier trading activity and a decisive recovery above $2,000.
- Coinbase recorded 27,568 Ethereum trades during the previous 24 hours, comprising 16,951 buy transactions and 12,069 sells. Buyers represented 61% of activity on the platform.
- Ethereum search activity climbed to 8,396 queries, while ETH ranked as the second-most popular digital asset on Coinbase.
- Coinbase data put Ethereum’s market dominance at 11.75%, with 121 million ETH in circulation and no fixed maximum supply. Trading volume reached $136.38 billion over seven days and $238.23 billion over 30 days.
