The crypto market is staging a powerful rebound on August 20, with Bitcoin (BTC) surging above $72,000 for the first time since June 1. The rally has spread across the broader market, with Hyperliquid (HYPE) and Pepe (PEPE) among the strongest-performing altcoins.

The sharp move higher has also triggered an unprecedented wave of short liquidations, as traders betting against the market were forced to close positions.

Why Is the Crypto Market Up Today?

The total crypto market capitalization jumped more than 10% to approximately $2.44 trillion, according to the latest market data. All of the top 10 cryptocurrencies by market capitalization are trading higher, with HYPE among the biggest gainers.

The rally began after U.S. Treasury Secretary…