BTC, ETH, BNB Rally Boost Global Crypto Market Cap by 6%
Bargain hunting in top cryptocurrencies drove a 6% surge in global market capitalisation as US yields moderated, shifting attention to digital assets.
The global crypto market is hovering around $2.35 trillion on Wednesday, supported by White House and the US Treasury’s announcement of increased bond buying.
Bitcoin (BTC) has seen a 6% gain; Ethereum (ETH) is up 11%; Binance Coin (BNB) has gained 4% in the last 24 hours; and oversold Ripple’s XRP has added % as momentum picked up.
Traders said a White House crypto summit, where President Trump urged Congress to pass the CLARITY Act and hinted at U.S. strategic Bitcoin purchases, sparked a market-wide rally.
The market surged following a White House meeting on August 19 where President Donald Trump called on Congress to pass a “fair version” of the CLARITY Act and stated the U.S. is considering buying “sizable” amounts of Bitcoin and other crypto.
This direct political endorsement from the highest office removed a layer of regulatory uncertainty, triggering a broad-based rally.
The move is fundamentally driven by a perceived reduction in regulatory risk and the potential for new, large-scale institutional demand from the U.S. government itself.
The rally was turbocharged by a classic short squeeze, while retail and community optimism provided additional fuel, creating a powerful feedback loop.
The immediate bullish impulse is tied to political developments. The key level to watch is the $2.28T total market cap, which aligns with the 23.6% Fibonacci retracement level from the recent swing high.
Yields shifted as the US Treasury announced it will at least double the maximum size of its liquidity support buyback operations for long-term nominal coupon securities, raising the cap from $2 billion to $4 billion per operation.
Set to take effect in September 2026 and lasting through the November refinancing quarter, this expansion targets the 10- to 20-year and 20- to 30-year maturity buckets.
For investors, this move represents a direct injection of liquidity into the long end of the Treasury market, which typically suppresses long-term yields and encourages capital to migrate toward higher-risk assets.
By explicitly seeking to provide stronger liquidity support, the Treasury is creating a macroeconomic tailwind that has historically benefited scarce assets like Bitcoin, thereby reducing the opportunity cost of holding non-yielding digital assets.
