Bitcoin Price Surges Ahead of US Presidential Address

Bitcoin's price surged on Tuesday ahead of US President Donald Trump's State of the Union address, reaching approximately $66,000 before easing back to around $65,500. According to CoinGecko data, the leading cryptocurrency increased by more than $2,000 in a brief period, signaling a potential shift in market sentiment.

Derek Lim, head of research at crypto market-making firm Caladan, attributed the price increase to 'risk-on positioning ahead of Nvidia earnings and a relief bounce off the tariff and Supreme Court chaos from the prior week.' He emphasized that Trump's speech was not a direct cause of the price rise, but rather a secondary effect.

During his address, President Trump highlighted economic achievements under his administration, including lower inflation rates and rising incomes. However, some analysts noted that certain figures presented by the President may be misleading or incomplete, particularly when considering broader market trends.