Bitcoin once surged to $66,000, the market closely watching Trump's State of the Union address.

After experiencing a sharp drop at the beginning of the week, cryptocurrency traders once again drove prices higher during the early trading session in Asia on Wednesday. On Wednesday morning, the two largest cryptocurrencies by market value, Bitcoin and Ethereum, both rose by over 3%. Bitcoin surged by 3.52% to $66,300 at one point, marking its largest intraday gain since February 13; Ethereum also rose by 4.84% to $1,994. At the time of writing, Bitcoin had retraced slightly, rising by 2.39% to $65,500, while Ethereum rose by 3.10% to $1,905. With market sentiment turning positive, smaller tokens also saw gains. Solana rose by approximately 5.7%, and Ripple increased by 1.35%. This rapid rise coincided with a rally in the stock market ahead of the State of the Union address by US President Trump. Earlier this week, the US Supreme Court ruled against Trump's ability to implement his "equal tariffs" policy using emergency powers, leading to a sharp drop in cryptocurrency prices. Subsequently, Trump invoked another authorization, claiming to impose a 15% global tariff. Pratik Kala, Director of Research at Apollo Crypto, a digital asset hedge fund, stated: "The rise in Bitcoin may be due to a combination of short covering and speculative long positions being built ahead of the State of the Union address." On February 24th, President Trump delivered his first State of the Union address of his second term to Congress. In his speech, Trump first mentioned issues such as border security, immigration, the economy, and crime.