Bitcoin, Ethereum and XRP reached multi-week highs after a sharp increase in trading activity on August 19, when their combined spot and perpetual-contract volume hit $46.6 billion, according to CryptoQuant data. The total was the highest since June 5, when volume reached roughly $59.4 billion, although it remained about 21.5% below that level. Perpetual contracts, derivatives without a fixed expiry, generated about $42.7 billion, or 91.7% of the total, led by approximately $22 billion in Bitcoin volume and $20 billion in Ethereum volume. XRP perpetual volume was roughly $718 million, while spot markets contributed $3.85 billion. Bitcoin broke above $70,000 for the first time since June, rising from $64,400 the previous day to $72,307 at press time, a gain of more than 12%. Ethereum climbed 19.25% over 24 hours to $2,285, while XRP rose 16% to $1.15 after trading at $0.9800 the previous week. XRP remained down 15.35% over 90 days. The rally followed U.S. President Donald Trump's meeting with crypto and financial executives and his statement that his administration had ended the war on crypto. His agenda included the Strategic Bitcoin Reserve, Digital Asset Stockpile, stablecoin legislation and updated rules for blockchain-based markets. The U.S. Treasury also planned to at least double buybacks of longer-dated Treasury securities to at least $4 billion per operation from September 9, while longer-term yields fell and the dollar weakened. Washington's three-day delay of planned 50% tariffs on Canadian imports also eased trade tensions. The combination of strong derivatives participation, Bitcoin's breakout and shifting macroeconomic conditions could keep volatility high across the three markets.