Bitcoin snapped a sharp two-day slide on Wednesday, climbing past $69,000 after President Donald Trump’s State of the Union address failed to introduce new trade escalations that investors had feared.
By 1:40 p.m. the cryptocurrency reached $69,562 on Bitstamp, marking a gain of more than 7% in 24 hours after briefly falling below $63,000 during a tariff-driven market rout.
“A clear inflection in global liquidity, stabilisation in real yields, and renewed ETF or institutional inflows would be key signals,”
Said Gold Token chief executive, Kurt Hemecker.
The rebound triggered a rapid short squeeze, with more than $248 million in bearish crypto positions liquidated within four hours, including $136 million tied to Bitcoin, while long liquidations totalled just $2.5 million.
The rally extended beyond digital assets, lifting Japan’s Nikkei 225 to a record 58,583.12 and pushing South Korea’s KOSPI above 6,000 for the first time, while the FTSE 100 and CAC 40 also closed at historic highs.
In commodities trading, gold rose 1.26% as silver advanced 4%, fuelling renewed debate over Bitcoin’s digital gold narrative amid its continued high correlation with growth equities.
“More broadly, once investors feel comfortable moving from capital preservation back to capital growth, Bitcoin tends to benefit first, followed by higher-beta segments of the crypto market,”
Said Gold Token chief executive, Kurt Hemecker.
At the time of reporting, Bitcoin price was $67,747.18.