Bitcoin rose back above the $65,000 mark on Wednesday, as a softer U.S. dollar and renewed risk appetite in Asian equity markets helped digital assets stage their first clear rebound in weeks.
As of 7:53 GMT, Bitcoin was trading 1.51 percent higher at $65,029.
Earlier this week, the total cryptocurrency market capitalization fell to around $2.19 trillion, nearly back to the lows recorded during the February 5 selloff.
Tech rebound lifts Bitcoin
Cryptocurrencies broadly moved higher, as the intense wave of selling seen in recent sessions appeared to subside. However, Bitcoin remains down nearly 50 percent from its October record peak, and the outlook for a sustained recovery is still unclear, with both retail and institutional demand for digital assets remaining subdued.
Bitcoin’s advance largely mirrored a rebound on Wall Street, where easing worries about the near-term impact of artificial intelligence on software companies helped lift technology stocks.
Cryptocurrencies often track U.S. tech equities, although tech shares have significantly outperformed digital assets in recent months.
The sector also gained ahead of highly anticipated earnings from NVIDIA, scheduled for release after Wednesday’s closing bell. The results are expected to influence the direction of tech stocks and could provide fresh signals for crypto markets.
Trump reaffirms commitment to trade agenda
Markets also weighed fresh signals on U.S. trade policy after President Donald Trump used his State of the Union address on Tuesday evening to reaffirm his commitment to tariffs.
Trump criticized the Supreme Court’s decision to invalidate his broad reciprocal tariffs, but maintained that he would continue pursuing his trade agenda under a different legal authority. He argued that congressional approval was not necessary to move forward, though he did not clearly specify the legal basis he intended to rely on.
Under Section 232, the framework cited for his most recent round of tariffs, the president must still obtain congressional approval within 150 days for the measures to remain in place. Any expansion of the tariffs’ scope would also require lawmakers’ consent.
Beyond trade, Trump addressed a wide range of issues in what was the longest State of the Union speech in U.S. history, but made no reference to cryptocurrencies.
Read: Bitcoin falls under $63,000 as uncertainty over U.S. tariff policy weighs on risk appetite
Crypto market rebounds
As Bitcoin prices rose, broader cryptocurrency prices mostly advanced on Wednesday. The second-largest crypto by market value, Ether, climbed 3.23 percent to $1,891.18, while XRP gained 2.37 percent to $1.3642.
Solana rose 6.44 percent, and Cardano posted a 3.20 percent gain, while BNB added 0.84 percent.
Among meme coins, Dogecoin edged up 1.18 percent, and $TRUMP outperformed with a 3.75 percent increase.
