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Bitcoin rebounds to $65K amid buying and Wall Street gains
Bitcoin rose on Wednesday as buyers stepped in following sharp declines in recent weeks, while a positive overnight session on Wall Street also supported sentiment.
The broader cryptocurrency market moved higher as the recent wave of selling pressure appeared to ease.
However, Bitcoin still remains nearly 50% below its October record highs, and the path toward a more meaningful recovery looks uncertain, as both retail and institutional demand for cryptocurrencies remains weak.
The world’s largest cryptocurrency gained 3.2% to $65,102.7 as of 06:24 GMT, reaching an intraday high of $66,279.4. Earlier this week, it had fallen below $63,000.
Bitcoin tracks Wall Street rebound amid easing AI concerns
Bitcoin’s rise largely coincided with a recovery on Wall Street, as cooling concerns about the immediate impact of artificial intelligence on software helped lift technology stocks.
Bitcoin and crypto markets generally follow U.S. tech stocks, although the latter have significantly outperformed cryptocurrencies in recent months.
Tech stocks also rose ahead of earnings from AI leader NVIDIA Corporation (NASDAQ: NVDA), due after market close on Wednesday. The release is likely to impact tech shares and provide signals to crypto markets.
Trump doubles down on tariffs during State of the Union address
Markets also digested new signals on U.S. trade tariffs from Donald Trump, who largely doubled down on his tariff agenda during his State of the Union address on Tuesday evening.
Trump expressed regret over the Supreme Court’s decision to overturn his sweeping reciprocal tariffs but stated he continues to pursue his tariff agenda under a new legal framework.
He said he does not require Congressional approval to impose tariffs, though it was unclear which specific legal basis he was referencing.
Under Section 232, which Trump used to impose the latest wave of tariffs, the president still requires Congressional approval for levies beyond 150 days. Additionally, expanding the scope of tariffs would also require Congressional authorization.
Beyond trade, Trump addressed a variety of topics in what was the longest State of the Union speech in U.S. history. He did not mention cryptocurrencies.
Crypto prices today: altcoins benefit from buying
The broader crypto market mostly advanced on Wednesday as deep losses in recent weeks attracted buying interest.
The second-largest cryptocurrency, Ether, rose nearly 4% to $1,891.16, while XRP gained 2.7%.
Solana and Cardano rose 6.8% and 3.4%, respectively, while BNB added 1.4%.
Among meme tokens, Dogecoin climbed 1.5%, while $TRUMP gained 4.7%.
See also: "Bitcoin fell below $63K, losing 50% from its October peak"
