Bitcoin opened Wednesday, February 26, 2026, with strong momentum, climbing more than 3.5% in early Asian trading to mark its largest intraday advance since mid-February before paring gains following US President Donald Trump’s State of the Union address.
By mid-afternoon Singapore time, Bitcoin was trading around $65,500 after reaching higher levels earlier in the session. Ether followed a similar pattern, rising over 2.5% to approximately $1,906 having briefly surged nearly 5%. Among altcoins, Solana gained as much as 5.48% and XRP rose 3.53% during the morning rally, though both moderated as the day progressed.
The initial upward move aligned with broader equity market strength and anticipation surrounding Trump’s address, in which the president highlighted his administration’s economic achievements. However, the cryptocurrency sector entered the day carrying uncertainty after a recent Supreme Court ruling limited the president’s emergency authority to impose reciprocal tariffs, triggering a sell-off earlier in the week. Trump has since signaled intentions to pursue a 15% global tariff through alternative legal channels.
Caroline Mauron, co-founder of Orbit Markets, attributed much of the morning’s rebound to opportunistic buying after the prior dip. “Traders appear to be stepping in to capitalise on the recent weakness following an extended period of selling pressure,” she said, adding that a decisive move above the psychologically significant $70,000 level could shift sentiment more decisively in favour of bulls.
Despite the early enthusiasm, crypto prices softened as Trump’s speech concluded without any mention of digital assets or cryptocurrency policy—a notable omission given his administration’s previously vocal support for the sector since his return to office.
Market caution persisted, reflected in derivatives positioning. Data from Deribit showed significant open interest in put options, with nearly $230 million notional value concentrated around the $58,000 strike for March 6 expiry, signalling active hedging against further downside. Sean McNulty, Head of Derivatives Trading for FalconX in Asia-Pacific, linked the elevated put activity to heightened geopolitical concerns. “The surge in protective puts underscores trader apprehension over the possibility of US military action against Iran,” he noted.
Polymarket betting odds reinforced this view, pricing a 37% probability of a US strike on Iran by March 7, rising to 48% by March 15.
The day’s price action illustrates the crypto market’s continued sensitivity to macroeconomic narratives, US policy signals, and global risk events. While the morning rally demonstrated resilience and dip-buying interest, the absence of fresh crypto-specific catalysts from the White House and persistent geopolitical uncertainty kept traders on edge, balancing short-term optimism against the potential for renewed volatility.
