(Feb 25): Bitcoin trimmed part of its early Asia gains during US President Donald Trump’s State of the Union address to Congress on Wednesday (Feb 25) after a morning jump that defied sustained pressure.
Bitcoin was up more than 2% to roughly US$65,500 at 1pm in Singapore after rising as much as 3.52% ahead of Trump’s speech, its biggest intraday gain since Feb 13. Ether rose more than 2.5% at US$1,906, after surging as much as 4.84%.
Smaller tokens also advanced with more positive market sentiment. Solana gained as much as 5.48% while XRP was up as much as 3.53% before also paring gains.
The initial uptick came alongside a rise in equities ahead of the State of the Union address, during which Trump defended his economic record. A Supreme Court decision invalidating his ability to use emergency powers to impose so-called reciprocal tariffs — a key policy initiative — contributed to a plunge in crypto prices earlier this week, after Trump invoked a different authority to say he would impose 15% global tariffs.
Caroline Mauron, co-founder of Orbit Markets, attributed the early gains to buying during a dip in prices. “The move higher likely reflects some dip-buying behaviour after the extended selloff,” she said, adding that reaching US$70,000 would shift the narrative.
See also: Bitcoin stages tepid recovery as Iran strikes stir uncertainty
Yet even before Trump left the lectern, crypto market strength had begun to wane. The president, who was seen as pro-crypto when he returned to the White House last year, did not mention digital assets in his speech.
The industry mood remains cautious. Put options worth nearly US$230 million with a March 6 expiry were concentrated around the US$58,000 level, according to Deribit data, signalling demand for downside protection.
“The massive put buying for the March 6 expiry reflects concerns over a US strike on Iran,” said Sean McNulty, Asia-Pacific derivatives trading lead at FalconX. Bets on Polymarket show 37% odds of a US strike on Iran by March 7 and 48% by March 15.
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