Bitcoin Jumps 5%, Asian Stocks Open Higher As Wall Street Slips
Crypto reporter
Shalini Nagarajan
Crypto reporter
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Bitcoin rose 5% to $95,232 on Wednesday, and Asian shares opened modestly higher after Wall Street ended overnight, as traders weighed fresh policy risks in Washington and volatile sentiment in markets.
Akshat Siddhant, lead quant analyst at Mudrex, said escalating Middle East tensions are supporting the broader market rally and driving investors to alternative safe havens such as crypto.
“Information on the chain increases to a positive composition, short-term holders return to profits. Historically, this is a sign that selling will ease pressure and expand potential,” he said.
“For continuation of momentum, Bitcoin needs a firm above the $92,000–$94,000 zone on a daily and weekly basis to recover key moving averages. Failure to hold this zone could result in BTC strengthening or retesting support around $88,000.”
China's major benchmarks started the day in the green. Shanghai gained 0.89%, Shenzhen's SZSE unit rose 1.54%, and China A50 gained 0.56%.
Hong Kong also passed. The Hang Seng rose 0.35% in prelims, as traders focused on prices, risk appetite and cross-asset flows, extending cautious growth to crypto often.
Market overview
Bitcoin: $95,325, up 4.4% Ether: $3,321, up 6.7% XRP: $2.17, up 5.6% Total crypto market cap: $3.33 trillion, up 4.5%
Saylor's recent bitcoin purchases fuel market expectations and flows
Bitcoin's jump followed a busy week for corporate stocks. Michael Saylor's strategy disclosed that he bought 13,627 BTC worth of coins between $1.25B and $1.3B at an average price of around $91,500.
The rally also hinged on market mechanics, which crypto traders watch closely. Buyers drove bitcoin through the $94,000 to $95,000 zone, which it has held for weeks, and traders pointed to increasing open interest and negative funding that could pressure sellers at higher rates.
Hold on to Yen Slump as Japanese Stocks Hurt Wall Street
Japanese stocks remained in rally mode. The Nikkei 225 rose 0.9%, and the yen weakened from its softest level since July 2024, adding to incentives for exporters and supporting regional risk appetite.
In the background, traders headed into Wednesday with an eye on the US Supreme Court ruling related to President Donald Trump's global tariffs in April. This decision may alter the market value of trade friction and growth risk.
JPMorgan Stocks fell overnight in the US after JPMorgan warned that Trump's proposed 10% cut in credit card interest rates would hurt the economy and squeeze profitability in the sector. The Dow slipped 0.80%, the S&P 500 slipped 0.19%, and the Nasdaq shed 0.10%.
Visa fell 4.5%, Mastercard fell 3.8%, and the financial sector fell 1.8%, with JPMorgan down 4.2%, after posting a better-than-expected quarterly profit along with lower investment banking fees.
Oil plunged into geopolitical tensions and gold pushed to new highs, while traders took in a better-than-expected inflation reading, a combination that also dampened bets as risk markets rebounded.
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