Bitcoin Jumps Above $66,000 Ahead of Trump’s Address to Congress
(Bloomberg) -- After a plunge earlier in the week, crypto traders were again pushing prices higher during early Asia trading on Wednesday.
Bitcoin and Ether, the two largest cryptocurrencies, were both up by more than 3% at 10 a.m. on Wednesday in Singapore. Bitcoin rose as much as 3.52% to $66,300, its biggest intraday jump since Feb. 13. Ether was up as much as 4.84% to $1,944.
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Smaller tokens also rose with more positive market sentiment. Solana was up roughly 4% while XRP was up 2%.
The quick uptick came along with a rise in equities ahead of US President Donald Trump’s State of the Union address to Congress, where he is expected to defend his economic record. A Supreme Court decision that invalidated his ability to use emergency powers to impose his so-called reciprocal tariffs — a key policy initiative — contributed to a plunge in crypto prices earlier this week after Trump invoked a different authority to say he would impose 15% global tariffs.
“Bitcoin is likely moving up due to a combination of short covering and speculative long positioning leading into the State of the Union,” said Pratik Kala, head of research at Apollo Crypto, a digital-assets hedge fund.
(Corrects Ether price second paragraph.)
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