Bitcoin briefly surged to $66,000 as the market closely watches Trump's State of the Union address

LootboxPhobia · 2026-02-25T08:31:08+00:00

Wednesday, the cryptocurrency market rebounded, with Bitcoin and Ethereum each rising over 3%. Influenced by improved market sentiment, small-cap tokens also saw gains. This rebound is related to Trump's upcoming State of the Union address, and analysts believe it may be associated with short covering and the establishment of speculative long positions.

LootboxPhobia

2026-02-25 08:31:08

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CryptoTimes Financial APP has learned that after a sharp decline earlier in the week, cryptocurrency traders pushed prices higher again during Asian morning trading on Wednesday.

On Wednesday morning, the two largest cryptocurrencies by market cap, Bitcoin and Ethereum, both rose more than 3%. Bitcoin briefly surged 3.52% to $66,300, reaching its largest intraday gain since February 13; Ethereum briefly increased 4.84% to $1,994. As of press time, Bitcoin pulled back slightly, up 2.39% to $65,000, while Ethereum rose 3.10% to $1,905.

As market sentiment improved, smaller tokens also saw gains. Solana increased about 5.7%, and Ripple rose 1.35%.

This rapid rally coincided with a rise in the stock market ahead of U.S. President Trump’s State of the Union address. Earlier this week, the U.S. Supreme Court ruled against Trump’s ability to implement his so-called “reciprocal tariffs” policy using emergency powers, causing a plunge in cryptocurrency prices. Subsequently, Trump invoked another authorization, claiming he would impose a 15% global tariff.

Digital asset hedge fund Apollo Crypto research director Pratik Kalla said, “Bitcoin’s rise may be due to short covering and the buildup of speculative long positions ahead of the State of the Union address.”

On February 24, U.S. President Trump delivered his first State of the Union address of his second term in Congress. Trump primarily discussed issues such as border security, immigration, the economy, and crime.

BTC7,2%

ETH11,34%

XRP7,71%

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