Crypto Market Update August 18: Bitcoin Rebounds Ahead of Trump's Crypto Meeting as AAVE Leads Altcoins
The crypto market is up slightly today, August 18, with Bitcoin (BTC) rebounding to $64,200 at the time of writing. The gains come ahead of President Trump’s meeting with crypto executives on August 19. Aave. . .
The crypto market is up slightly today, August 18, with Bitcoin (BTC) rebounding to $64,200 at the time of writing. The gains come ahead of President Trump’s meeting with crypto executives on August 19. Aave (AAVE) is standing out among altcoins, with the price up by 4% to trade at $89 at the time of writing. What is Driving the Crypto Market Today?The total crypto market cap is up by 0. 49% today to $2. 19 trillion at the time of writing. Data from CoinMarketCap also shows that all of the top ten cryptos by market cap, apart from Bitcoin (BTC), have registered gains or losses of less than 1%. Bitcoin remains the biggest gainer in the top ten list, while Binance Coin (BNB) is the biggest loser after the price dropped by 0. 57% to trade at $601 at the time of writing. Crypto Market Today (Source: CoinMarketCap)The sideways moves come as investors hold steady ahead of ameeting between Trump and crypto executiveson August 16. There is no certainty about what will be discussed in the meeting, but focus has shifted towards the CLARITY Act, which missed passing before the US Senate broke for recess on August 7. Still, the upcoming meeting has not increased the odds because data fromCoinGape prediction marketsshow that there is only a 20% chance that the bill will pass in 2026. The slight gains seen with Bitcoin and Ethereum (ETH) today also come on the back of returning inflows to BTC and ETH ETFs. Data from SoSoValue shows that Bitcoin ETFs had $137 million in inflows on August 17, while Ethereum ETFs topped $4. 95 million. Crypto ETF FlowsThe lack of strong gains in the crypto market today also comes as the price of oil rises to the highest point since July after US envoy Jared Kushnerrevealedthat Iran is not showing any interest in securing a deal. Crypto Market Data TodayTotal Crypto Market Cap: $2. 19 trillion (+0. 63%)24-Hour Trading Volumes: $49. 24 billionBitcoin: $64,231 (+1. 10%)Ethereum: $1,898 (-0. 08%)XRP: $0. 99 (+0. 01%)Bitcoin ETF Flows: $137. 32 millionEthereum ETF Flows: $4. 95 millionBitcoin Dominance: 58. 8%Altcoin Season Index: 45/100Fear and Greed Index: 41 (Fear)Crypto Derivatives Volume Doubles as Open Interest Hits 11-Week HighData from CoinGlass shows that the total volumes across the crypto market have doubled from $68 billion on August 17 to $149 billion today. This rise suggests that there is an increase in leverage positions in the market. The surge in crypto futures activity is further seen in the surge in open interest to $122 billion, with this being the highest point reached by this OI since June 2. Crypto Market OI/Volumes)The derivatives market positioning today is also seen to be leaning long, with Bitcoin’s funding rate on the exchange standing at 0. 0056, while Ethereum’s funding rate stands at 0. 0024%. The liquidations across the crypto market have also increased by 53% today to $213 million, with $87 million being long liquidations, while $125 million are short liquidations per CoinGlass. Bitcoin Funding Rate on Binance Hits 20-Month HighThe Bitcoin funding rate on Binance has surged to the highest point in 20 months per CryptoQuant data, with analyst Gaah noting that the surge suggests that thefuture Bitcoin outlookis bullish as more traders open long positions. Binance Funding Rate (Source: CryptoQuant)The rising funding rate also comes as analyst Daan Cryptonotesthat the price of Bitcoin is about to break out of consolidation because it is trading within a symmetrical triangle on the one-day chart. BTC price needs to move above the upper trendline to confirm a bullish breakout. However, a drop below the lower trendline could see the price retest the psychological support of $60,000. A previous CoinGapeBitcoin price analysisalso observed that BTC was nearing a bearish crossover between the 50-week and the 150-week SMA that could push the price to $59,000. AAVE Price Gains on Rising Network ActivityThe price of AAVE is rising today after the value of Active loans on the DeFi platform reached $150 million. Aave founder Stani Kulechov notes that the amount of loans is at an all-time high. The rising network activity is fuelling buying pressure for AAVE, because the price is now approaching resistance at the 50-day SMA of $91. However, AAVE needs to close above this obstacle to confirm that the short-term trend is leaning bullish. AAVE Price ChartIf AAVE closes above $91, bulls could target the 200-day SMA of $96. However, the RSI reading of 48 shows that the momentum is still favoring bears, and this could derail the ongoing recovery. Catch up on yesterday’s key developments and the coins that made the biggest moves in ourCrypto Market Update August 17.