Crypto traders experienced a marked resurgence in prices during early trading in Asia on Wednesday, following a recent decline earlier in the week. Bitcoin, the leading cryptocurrency, rose by as much as 3.52%, reaching $66,300 at around 10 a.m. Singapore time. This increase marks the most significant intraday jump for Bitcoin since February 13. Meanwhile, Ether, the second-largest cryptocurrency, saw an impressive rise of up to 4.84%, hitting $1,944.
Other smaller tokens benefited from the upward market sentiment as well. Notably, Solana gained approximately 4%, and XRP increased by 2%, indicating a broader positive trend in the cryptocurrency market.
This resurgence in crypto prices coincided with a rally in equities, as traders anticipated U.S. President Donald Trump’s State of the Union address to Congress. In his speech, Trump is expected to emphasize his economic achievements. The backdrop to this financial landscape includes a recent Supreme Court ruling that annulled his authority to utilize emergency powers for implementing reciprocal tariffs, a key element of his economic strategy. Earlier in the week, Trump had announced a plan to impose 15% global tariffs using different legal authority, which contributed to the previous dip in cryptocurrency prices.
Pratik Kala, head of research at Apollo Crypto, a digital-assets hedge fund, noted that the upward movement in Bitcoin could be attributed to a mix of short covering and speculative long positioning as traders faced the imminent address from the president. The interplay of market dynamics indicates a blend of cautious optimism and speculative trading strategies among investors in the digital currency space.
