Bitcoin moved higher on Wednesday as bargain hunters stepped in following sharp losses over recent weeks. A strong overnight session on Wall Street also supported overall market sentiment.
Broader cryptocurrency prices advanced, suggesting that recent selling pressure may be easing. However, Bitcoin remains nearly 50% below its October record high, and a sustained recovery path is still uncertain as both retail and institutional demand for crypto assets stays relatively subdued.
The world’s largest cryptocurrency gained 3.2% to $65,102.7 by 01:24 ET (06:24 GMT), after reaching an intraday high of $66,279.4. Earlier this week, Bitcoin had slipped below the $63,000 level.
Bitcoin Follows Wall Street Rebound as AI Concerns Ease
Bitcoin’s rebound largely mirrored gains on Wall Street, where technology stocks recovered as fears over the immediate impact of artificial intelligence on the software sector began to cool.
Cryptocurrency markets often move in tandem with U.S. tech stocks, although equities have significantly outperformed digital assets in recent months.
Technology shares also climbed ahead of highly anticipated earnings from AI leader NVIDIA Corporation, scheduled after Wednesday’s market close. The results are expected to influence tech stocks and may provide additional direction for crypto markets.
Trump Reaffirms Tariff Agenda in State of the Union
Investors also assessed fresh signals on U.S. trade policy following President Donald Trump’s State of the Union address on Tuesday evening. During the speech, Trump reiterated his commitment to tariffs.
He criticized the U.S. Supreme Court’s decision to strike down several of his reciprocal tariffs but stated that his administration would continue pursuing trade measures under a revised legal framework.
Trump said he did not require Congressional approval to move forward, though under the Section 232 framework used for recent tariffs, congressional authorization is required after 150 days. Expanding the scope of tariffs would also need legislative approval.
While the president addressed a broad range of domestic and foreign policy topics in what was the longest State of the Union speech in U.S. history, cryptocurrency was not mentioned.
Altcoins Advance as Bargain Buying Emerges
Other major cryptocurrencies also posted gains as investors looked to capitalize on recent price declines.
Ether, the second-largest cryptocurrency, rose nearly 4% to $1,891.16. XRP gained 2.7%, while Solana and Cardano climbed 6.8% and 3.4%, respectively. BNB added 1.4%.
Among meme coins, Dogecoin advanced 1.5%, while the $TRUMP token jumped 4.7%.
Despite Wednesday’s recovery, the broader crypto market remains in a fragile position, with investor confidence still rebuilding after recent volatility.
