Bitcoin Surges Past $66,000 as Trump Prepares to Speak Before Congress

Cryptocurrency Prices Rebound in Asian Markets

Following a sharp decline earlier in the week, digital asset traders saw renewed momentum as prices climbed during early Wednesday trading in Asia.

By 10 a.m. in Singapore, Bitcoin and Ether—the two leading cryptocurrencies—had both surged over 3%. Bitcoin reached $66,300, marking its largest single-day gain since mid-February, while Ether advanced to $1,994, up nearly 5%.

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Other cryptocurrencies benefited from the improved outlook as well. Solana saw gains of about 4%, and XRP increased by 2%.

Market Drivers and Political Developments

The rapid rise in crypto prices coincided with a rally in stock markets, ahead of US President Donald Trump’s State of the Union address. Trump is expected to highlight his economic achievements during the speech. Earlier this week, a Supreme Court ruling restricted his use of emergency powers for imposing reciprocal tariffs—a central policy move—which triggered a drop in crypto values. In response, Trump announced plans to implement a 15% global tariff using a different legal authority.

Pratik Kala, who leads research at Apollo Crypto, a hedge fund specializing in digital assets, commented, “Bitcoin’s upward movement appears to be driven by traders closing short positions and taking speculative long bets ahead of the State of the Union.”

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